When you are searching for the most affordable Home loan in Singapore, did you know that you can get cash rewards of up to $3,300 for a new property purchase home loan? Then you will enjoy the lowest rates including cash back rewards for both HDB and private properties.
Buying Your Home
Purchasing your home is a very exciting time, and it is important that you make every cent count so you can pay the loan off fast. So you will look for the most affordable home loan in Singapore. Buying a property is the most expensive purchase you will ever make. Whether it is for you and your family to live in or for investment purposes. Most banks in Singapore and across the world will ask you to undertake a credit check. This is great, as once you have cleared the credit check you are ready to make the purchase. Now is the best time as interest rates for bank loans are expected to increase over the next few years.
How Much Can The Bank Lend Me
If you sign up for a bank loan, you can expect to pay around a 20% deposit that you have available for the purpose. Banks hold a fluctuating interest rate for housing loans in Singapore, depending on SOR rates. If you are purchasing a Condo, not a flat, the mortgage consultant will perform bank loan calculations to determine if you are eligible for a loan based on your income, age, and the purchase price you are hoping to pay.
This method determines if you are eligible for a housing bank loan based on the Mortgage Service Ratio across all Singapore banks, and the maximum you can borrow. You may be looking around to get a better deal, and if you can get a lower interest rate that will help you. There are plenty of affordable home loans in Singapore, and you will get one of them. In some cases, the bank will lend you up to 90% of the purchase price.
Affordable Home Loans in Singapore
There is a lot of competition in Singapore as there are more than 21 banks to choose from, however, you want to choose the best for your home loan. Singapore is one of the most lovely places to live and with a population of nearly 6 million people there will be a lot of families looking for houses. This means that the prices will continue to grow, and whatever you get will be a great investment, due to the fact that land is a finite resource.
If you are looking at refinancing you can also get a cashback offer, with no upfront fees, so it is worth talking to your bank about interest rates, as sooner or later most of us refinance to save money. With the cost of living increasing, we need to make our money go as far as possible, and with the cashback offer the purchaser or refinancer is well rewarded.