Your dream home might not be affordable for you and that is where you need a housing loan to turn your dream of buying a house into reality. The amount of money you spend on buying a house is probably the greatest amount you will spend in a lifetime. And for this reason, you need to get the cheapest bank loan Singapore banks has to offer.
When compared to HDB loans, bank housing loans have fewer restrictions. Most of the banks necessitate borrowers to pass the credit check. This is one of the first and only conditions put forward by the banks.
Moreover, the interest rate provided by the banks keeps fluctuating depending on the SOR/SIBOR rates. A bank loan might be, if not entirely, better than an HDB loan interest rate of 2.6%. As the current interest rate is at 1.2 to 1.5%. However, they may increase in the near future.
Eligibility for the housing loan
If you are looking for a bank loan, you need to get the best mortgage consultant that is there in town. Dollarback mortgage has your back throughout the process in many ways like performing income-based calculations, aged and new property prices. All this helps you to find your eligibility for the bank loan based on of Mortgage Servicing Ratio (MSR) across all prominent banks in Singapore and the maximum you can get.
Various housing loans
While you buy a private property in Singapore, you can choose from a wide range of interest rates and packages depending on risk tolerance and the monthly installment budget. The following are the housing bank loan Singapore available are bank loans or HDB loans.
Apart from what has been discussed in eligibility criteria another benefit of the bank loan in Singaporeinclude:
- Down payment and loan to value limit
The maximum loan you can take is about 75% of the property value. Bank loans demand higher down payments but offer interest savings in the long run.
Bank loans win every time as you can enjoy considerable and competitive interest rates while continuing your savings.
Dollarback provides you with the best possible home loan options to enable the homeowners to make an informed and wise decision. The consultants help the people to know about mortgage-specific details, risks related to loans, and other trends in the banking industry.
The platform also offers you rewards and promotions while getting a new home loan or refinancing the existing one. You can ask your doubts away at Dollarback mortgage.