Buying a home is one of the biggest purchases you will make in your lifetime, so it's important to do your homework before you apply for that loan. Prepare in advance You must pay at least 1 per cent of the purchase price in exchange for an option to purchase. After that, you have 14 days to decide whether to proceed with the deal and pay the balance of 9 per cent for a completed property or 4 per cent...
Home Loans
POSB's HDB home loans can now be secured within an hour, the bank said yesterday, in a move to improve efficiency and convenience for its customers. With the 60-minute Promise, customers who apply for HDB home loans can complete and return the required documents via email or fax between 9am and 3pm from Monday to Friday. When the application is received and deemed satisfactory, the customer will receive...
Singapore's big lenders are aggressively lowering rates to beat off competition from each other and smaller finance houses in a hot home loans market. Financiers had the lowest interest rates at the start of the year, but three months on, banks have also started dropping prices. The Singapore property market is heating up, helping to propel the home loans space. Competition is stiff among major local...
Singapore banks are not likely to see a significant jump in home loans growth this year. According to analysts, that's because they do not expect the number of transactions to increase greatly from last year as the steam runs out of the mass market property segment. But they said support could come from interest in the mid-tier to high-end property sectors. Singapore's property market has been on a run....
The Government has introduced two new measures to cool the property market and pre-empt a bubble from forming in the private homes sector. They come into effect Saturday. The Ministry of National Development said this will help ensure a stable and sustainable property market, and to curtail the HDB resale market where prices tend to track private property movements. From Saturday, it will be more...
Some banks are rolling out new services and attractive mortgage packages to increase their market share in the private housing loan sector. Banks such as Standard Chartered has set up a service counter to offer loan evaluations at show flats. Said Dennis Khoo, general manager of Wealth Management Consumer Banking at Standard Chartered Bank: "I think it's even better prudence because before (a buyer) puts...
The demand for home loans has escalated, on the back of the booming property market in Singapore. Some banks, like OCBC, said they have seen loan approvals double in the second quarter, compared to the first three months. And industry players expect this momentum to continue into next year. Private home sales in Singapore have been on the rise since February, where 11 times more home were sold...
HSBC is shaking up the home-loans market here by offering a so-called benefits portability feature in such loans. It is enabling its home loan customers who sell their property to continue from where they left off on the sliding interest rate spread on their new home loans. For example, if a customer sells the property in the third year of the loan, he can enjoy a first year loan interest rate of 1.69...
DESPITE the current global economic downturn, home buyers today are still spoilt for choice when it comes to taking a loan from financial institutions here. Since January 2003, buyers of Housing and Development Board (HDB) flats no longer have to take a loan from the Government-backed provider of more than 82 per cent of Singapore's homes. And since then, the HDB has stopped giving out what it terms...
More banks here offering new competitive rates A HOME loan war is hotting up among banks in Singapore, with new player the State Bank of India (SBI) and Standard Chartered Bank launching attractive home loan packages this week that could potentially stir other banks to respond with even more competitive packages. SBI - India's largest bank that only started operations here last year - has offered a...