How to get the best home loan in Singapore?
Getting a home loan in Singapore is a stage where most Singaporeans will go through. Hence, it is important for home owners to know that they are getting the best deal in town. However, for a best deal to happen, many factors will affect the outcome of the loan one can apply.
Where to apply for home loans?
Loans can be applied through HDB or banks for public houses (HDB) and banks for private homes. There are others license money lender in Singapore but their interest rates are higher. Thus, home owners who are looking for faster and easier application might look for them.
Which Banks offers mortgage loans?
Almost every consumer bank in Singapore offers housing loan packages. In fact, commercial loan banks also provide loan package for commercial properties.
Any minimum amount when applying property loans?
Usually, a bank will only loan home owners with more than 100k in debt for their housing. Whereas in HDB will offer property loans for any amount.
Where and how to apply for a property loan?
If you are looking into getting a new public property, HDB will offer a loan to you. However, you are able to choose if you accept their offer or seek assistance via a bank. As for private property, home owners can look for mortgage advisers. Which you can find out more with Singapore Home Services.
So which is the best home loan in Singapore?
As every owner is unique as everyone has a different income and credit score. Thus, a best package will only occur after making a deep comparison. Furthermore, applicants have to really look at the clause of applying which is not an easy task. Hence, only engaging a real professional can minimise the risk.
That being said, banks will offer a better and lower interest when comparing to HDB. This is because HDB offers a rather fixed rates while being more lenient on late payments.
While bank rates is already a winner when calculating savings. Choosing a bank among pool of choices in Singapore is not easy. Each banker will promote a high level of confidence in their products. However, they still represent a bank so they will find ways to sales talk you.
The best bank package is usually drafted out by a 3 party mortgage loan consultant. They do not represent any banks and are more competitive to help clients get a better loan. A 3rd party home loan adviser will compare the bank loans for you. This is because most owners look for the best package at lowest interest. Furthermore, lowest interest means more savings which may be a huge amount when paying the interest.