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  • Home loans

    Hi all,
    my SO and I are thinking of getting a condo, but we'll need to get a home loan from 1 of the banks.
    anyone familiar with this? fixed or floating rates better? and which bank has better rates?
    TIA

  • #2
    hi ceruleus,

    haven't been checking up on home loans recently so can't advise you which bank is better. you should be able to get that info from the banks' websites.

    generally, there are pros and cons to fixed and floating rates, all depends on the board rate. fixed is good if it is low and the market rate is high, floating is good if market rate is low as it will adjust accordingly rather than being stuck at the fixed rate.

    generally, what you should look out for is the how long you have to be locked in to the loan before you can refinance, any penalties for refinancing etc. because the best way to save money on a mortgage loan is to refinance every couple of years. must do research every few years though...

    hths!

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    • #3
      I'm taking a bank loan from Citibank and I am actually quite miffed at the officer that explained the system of floating and fixed rates.

      She actually gave us the impression that floating rates were better and calculated all our monthly payments according to 2.25% but after we opted for the floating rates, the interest rates suddenly just up to 2.9%. Thus, we need to pay $100+ more per month. And when we enquired about the increase, she just said that she also didn't know that the interest rate is going to jump so high in a month:pissed: Other banks only increased to maybe 2.5 or 2.6%. So now, no choice but to keep paying already.

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      • #4
        ya, I realised that floating rates can be quite scary, because we'll have no control over the interest. the bank can just bring the interest rate up if they want. Fixed rates sound safer to me :eh:

        still doing research on the various banks, sigh, stressful

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        • #5
          AFAIK, DBS and UOB has published rates on their webby but not Stanchart and the likes of others.

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          • #6
            Suggest that you take a look at the various options/banks and compare. Note that if floating rate; it will increase based on board rates which is increasing recently

            however, fixed rates may be a little higher from 'first sight' but safer

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            • #7
              Ok this is supposed to be a confidential thing... but currently DBS give you the best rate among all other banks.

              My company is a one-stop financial house and we also do property loan/re-financing for many people who are interested. So we help them do a comparison and MOST settle with DBS.

              HTHs..

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              • #8
                actualy HDB loan is offering a much lesser interest rate rite? why not get from HDB? I'm also a first-timer into buying a home.. any advices to share?

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                • #9
                  Think HDB loan is applicable to HDB flats only? if you're buying private condo, you would have to take bank loans.

                  I also took up the floating one from OCBC .. it just went up to 1.9% *headache*

                  my friend who is also with citibank (which just went up to 3%) is calling them up to ask for a repricing!

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                  • #10
                    HDB still offers housing loans only to first time owners buying directly from HDB but if you are buying from open mkt u have to opt for bank loans....

                    floating rates yes will depends on how well is the mkt doing...if mkt is doing well, int rate higher chance of reducing so more will borrow but if mkt not well int rate will tends to increase so the more difficult and less pple wants to borrow.....

                    what u can do is.....if you have already service the loan for more that 1-2 yrs, can go bk to the bank to ask them to rearrange the repayment amt owise threaten to go to another bank to get refinancing instd...most of them will try to work out something for you upon hearing it.....

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