what the best home loan package now?

[lancelot]

Are you kidding ? Of course the SOR + 0 lah! This is for Dakota UOL project right ? no other project can UOB do SOR + 0. This is really a cash rebate in disguise for you. If u dun take it, UOL will be laughing all the way.

today SOR fixing is 0.308. Yesterday after MAS S$ statement SOR tumbled to 0.38. Now US$ becomes a carry trade ccy.

Yes, no bank has topped SOR + 0% deal. It's almost like IAS.

[Chamonique]

But UOB package needs to lock in for 3 year. Isn't it too long and given SOR is more volatile?

[DC33_2008]

But UOB package needs to lock in for 3 year. Isn't it too long and given SOR is more volatile?

I am not sure if you can go for HSBC. It is quite attractive:

SIBOR package ( No lock-in )
1st year : 3-month SIBOR + 0.90%
2nd year : 3-month SIBOR + 0.80%
Throughout the loan tenure : 3-month SIBOR + 0.70%

[limfc]

maybe you guys like to check out this site...
independent review, which is what i like...

http://www.askdrmoney.com/Home-Loan%20Rankings.htm

[DC33_2008]

It is good but unfortunately it is not up to date. Not very useful.

maybe you guys like to check out this site...
independent review, which is what i like...

http://www.askdrmoney.com/Home-Loan%20Rankings.htm

[Komo]

looks like HSBC offers the best rate! I recently took up DBS at SIBOR+0.9%.

[marktkt22]

looks like HSBC offers the best rate! I recently took up DBS at SIBOR+0.9%.

u should have used a mortgage broker (eg sghousigloan or equivalent) , it FOC and they check all the rates for u
anyway, it not too bad..... I think HSBC is 0.88 + sibor vs DBS 0.9 + sibor

if u used DBS mortgage insurance from aviva, still has 0.1% reduction...and aviva is the most competitive (refer to another thread on home mortgage)..

I am not from DBS bank, ...just that I have done the comparison and I opt for DBS as it is easier to approve than HSBC.

when sibor goes to 3.5% ...the diff between DBS and HSBC is marginal...

[DC33_2008]

looks like HSBC offers the best rate! I recently took up DBS at SIBOR+0.9%.

How about 2nd and 3rd year? Lock-in?

[new2mondrian]

I am not sure if you can go for HSBC. It is quite attractive:

SIBOR package ( No lock-in )
1st year : 3-month SIBOR + 0.90%
2nd year : 3-month SIBOR + 0.80%
Throughout the loan tenure : 3-month SIBOR + 0.70%

that's attractive... looks like they have gone back to the old rates.... throughout 2007-08 HSBC was offering SIBOR+0.7% from day 1 of loan, with no lock-in. The lowest it went to was SIBOR+0.6% for HSBC. Hopefully it will be coming round again.

[limfc]

It is good but unfortunately it is not up to date. Not very useful.

hi DC33_2008,

thanks for pointing out that it is outdated...oops... pai seh sollie sollie... I thought the rates are updated every week, on Mon, Wed & Fri...as per claim on website...

sorry for misleading the rest of the forumers...

rgds,
fc

[amk]

But UOB package needs to lock in for 3 year. Isn't it too long and given SOR is more volatile?

well sibor or sor is an interesting academic discussion. for me, I would take advantage of the S$ policy AND Bernake's fed rate promise. Unless US gets a quick turnaround, I dun see how US rates can go up that much higher and quicker. Plus MAS's appreciating policy. It would be good to profit from this unique environment.

Plus, for BUC projects, really you dun refinance before TOP. You need to pay cancellation charges, that's worse than penalty!

btw DC33, the HSBC deal is only for completed projects, not BUC right ?

[DC33_2008]

well sibor or sor is an interesting academic discussion. for me, I would take advantage of the S$ policy AND Bernake's fed rate promise. Unless US gets a quick turnaround, I dun see how US rates can go up that much higher and quicker. Plus MAS's appreciating policy. It would be good to profit from this unique environment.

Plus, for BUC projects, really you dun refinance before TOP. You need to pay cancellation charges, that's worse than penalty!

btw DC33, the HSBC deal is only for completed projects, not BUC right ?

Yup! You are right! It is a not a BUC.

[Komo]

How about 2nd and 3rd year? Lock-in?

No lock-in. Same rate from 1st year onwards.

[Chamonique]

Does anyone know whether some Bank has a clause on Preset Date? Was told by a friend to look out for this clause in the Letter of Offer. If there is this clause about the Preset date and when you decide to sell your house and it does not coincides with the Preset date stated in the LO, the bank will charge some penalty. Does anyone know what is this?

[Blue]

Does anyone know whether some Bank has a clause on Preset Date? Was told by a friend to look out for this clause in the Letter of Offer. If there is this clause about the Preset date and when you decide to sell your house and it does not coincides with the Preset date stated in the LO, the bank will charge some penalty. Does anyone know what is this?

Preset Date = Lock In Period?

As long as you redeem your loan (aka sell your house or fully pay) within the lock-in period, you need to pay the bank penalty. Typically 1.5% of the outstanding loan before full redemption + legal fee subsidies.

[sqmin3]

Preset Date = Lock In Period?

As long as you redeem your loan (aka sell your house or fully pay) within the lock-in period, you need to pay the bank penalty. Typically 1.5% of the outstanding loan before full redemption + legal fee subsidies.

The SIBOR/SOR of the Preset Date is used by the bank to fix the interest rate for the next 3 month (for 3-month SIBOR linked loan). However, the trap is: You need pay penalty, (such as 3 month interest) to the bank if you redeem the mortgage not on the Preset Date. It means you must redeem or partially repay your mortgage on the preset date only. It is more stringent than lock in period. Be careful when you want to redeem or refinance your mortgage because most of lawyers and their assistants are not aware of this or do not read your Letter of Offer. I had learned a lessionlast year. I had to pay 3-month interest to the bank because the lawyer put the date of redemption only one day later than the Preset Date.

[marktkt22]

Thanks to all for contributions to this thread, I have learnt much from this discussion..

[novel]

anyone take up Maybank home loan package? Is it really 1.18% for 2 years?

[Blue]

anyone take up Maybank home loan package? Is it really 1.18% for 2 years?

Variable or fixed? If fixed, mai tu liao!

[novel]

Variable or fixed? If fixed, mai tu liao!

I did not really check in details...but seems like fixed 2 years...dun bash me if I am wrong..

[McKinnon]

ya, this is a huge clause silently slid in.

if your package is 3 month floating sibor, there will be an exact review date every 3 months. if you complete ur sale and redeem not on the exact review date, you will be charged a sibor/sor breakage fee.

it's almost next to impossible for sellers to time sales so that they complete on the exact date, so most will kenna this breakage penalty.

on top of this you have to serve 3 month notice period for full loan redemption, so if your sibor review date is less than 3 months, you have to pay early notice penalty.

i am very very fortunate that my rate review date is very close to my completion date. if i am not wrong, there is only 2 review dates per year for 6 month floating sor/sibor.

The SIBOR/SOR of the Preset Date is used by the bank to fix the interest rate for the next 3 month (for 3-month SIBOR linked loan). However, the trap is: You need pay penalty, (such as 3 month interest) to the bank if you redeem the mortgage not on the Preset Date. It means you must redeem or partially repay your mortgage on the preset date only. It is more stringent than lock in period. Be careful when you want to redeem or refinance your mortgage because most of lawyers and their assistants are not aware of this or do not read your Letter of Offer. I had learned a lessionlast year. I had to pay 3-month interest to the bank because the lawyer put the date of redemption only one day later than the Preset Date.

[bhuv]

Any idea on the latest rates? DBS website says SIBOR + 1.25%

[Blue]

Any idea on the latest rates? DBS website says SIBOR + 1.25%

Wow, that's high!

[Komo]

current market scenario is high price high interest rate. still market can go strong?

[bargain hunter]

huh, interest rate still low lah. still less than 2% no matter how high rite?

current market scenario is high price high interest rate. still market can go strong?

[Komo]

huh, interest rate still low lah. still less than 2% no matter how high rite?

In just a space of 3 mths, the add-on interest rate margain had increased by at least 0.25%. What will be increase in just another 6 mths? This coupled with 10-20% increase in property price is really blowing up the required budget. This could be one of the reasons why buying is slowing down.

[proud owner]

In just a space of 3 mths, the add-on interest rate margain had increased by at least 0.25%. What will be increase in just another 6 mths? This coupled with 10-20% increase in property price is really blowing up the required budget. This could be one of the reasons why buying is slowing down.

11.10 pm spore time ...

lets see how long it takes after your input before i see a BULL member start to say otehrwise to your post

i suspect they will say ..fundamental still strong .. sporeans very rich ... interest rates still low ... china chinese still buying .. etc

[bargain hunter]

bulls are on leave/away/not subscribed to this thread (think at least one of them said interest rates don't matter so why should they bother with this thread?). anyway the reasons u listed "chao seng" already. must take time off to think of new reasons.

11.10 pm spore time ...

lets see how long it takes after your input before i see a BULL member start to say otehrwise to your post

i suspect they will say ..fundamental still strong .. sporeans very rich ... interest rates still low ... china chinese still buying .. etc

[proud owner]

bulls are on leave/away/not subscribed to this thread (think at least one of them said interest rates don't matter so why should they bother with this thread?). anyway the reasons u listed "chao seng" already. must take time off to think of new reasons.

cant help but feel ...when the evidents do present themselves of a 'slow down' or 'stagnation in price' or even 'correction' ...

they are on holiday

[bargain hunter]

surely they would come back soon? surely july should see a good sales number since developers would be rushing to launch after a quiet june and ahead of chinese seventh month?

cant help but feel ...when the evidents do present themselves of a 'slow down' or 'stagnation in price' or even 'correction' ...

they are on holiday