Changes to home loans

**dtrax** · 15-09-12, 06:09

Originally Posted by taggy

Mine is 0.55 spread yr1, 0.65 spread thru out, currently at 0.93%

that's amazing.. which bank is that from?

**taggy** · 15-09-12, 06:29

Originally Posted by dtrax

that's amazing.. which bank is that from?

Boc, signed in apr

**price** · 15-09-12, 18:50

Originally Posted by taggy

Boc, signed in apr

wow never knew they offer such rates. was ur loan quantum huge?

**Kelonguni** · 16-09-12, 21:18

1. Do you foresee SOR-based interests changing over the next 3 years?

2. If loan package is already signed but building not started or completed is it possible to change package, for example from board-rate based % to SOR-based?

**DC33_2008** · 16-09-12, 21:53

Is it in the agreement that you are allowed to switch between SOR and Board rate?

Originally Posted by Kelonguni

1. Do you foresee SOR-based interests changing over the next 3 years?

2. If loan package is already signed but building not started or completed is it possible to change package, for example from board-rate based % to SOR-based?

**Reisor** · 16-09-12, 23:12

Originally Posted by newbie11

that means you are in 3rd yr lock in period and there's penalty.. u can still call them and ask. just a phone call away. maybe your quantum is huge enough to bargain?

After some "negotiation", managed to get some good discount off the penalty fees. Now on 1.18% fixed 1+1 yr. Compared with original 1.99%, still quite a fair bit of savings from interest for next 2 yr.

**newbie11** · 17-09-12, 15:57

Originally Posted by newbie11

The latest news in the market is few banks have stopped giving home loan freebies! No more free legal subsidy, fire insurance!

HSBC has fired the first salvo. Before you read on, be cautioned that these are slightly complicated.
Their old rates will remain, however NO legal subsidy will be provided
Alternatively, add 0.05% to the spread for year 1 to 3 and you will get legal subsidy. However, the purchase price will be less the legal subsidy, and the loan amount will be based on this nett purchase price. So for example, if you are borrowing 80% LTV of a $1 million apartment, you should be entitled to $2,500 legal subsidy. So the loan amount will be 80% of $797,500 ($800,000-$2,500). So your loan amount will be reduced by $2,000 compared to previous approach. This is to reflect the true price, as per 'MAS guideline' according to our understanding.
So how should you consider? If you have some CPF, lock in the lower rates and use your CPF to pay for the full legal fees without subsidy.
It's also expected that other banks will follow suit, in one way or another.
UOB will be subtracting the freebies from the purchase price and then applying the LTV on this nett purchase price. Freebies include legal subsidy, fire insurance and valuation.

Source: http://www.findahomeloan.sg/resource...-to-home-loans

**CP5211** · 17-09-12, 17:56

Dear all,
We have an existing mortgage loan with DBS which we just did a refinance in mid July this year. The package was was 3M Sibor+0.75% for the first 3 years and 3M Sibor + 1% there after.
Today, when I contacted DBS for an IPA, I was told that the package is no longer available and the new package is:
Year 1 1M SIBOR + 0.75%
Year 2 1M SIBOR + 0.75%
Year 3 1M SIBOR + 0.75%
Year 4 1M SIBOR + 1%
Thereafter 1M SIBOR + 1.25%

Does any body know of banks offering better rates than this? Thank you!

**dtrax** · 17-09-12, 18:12

Originally Posted by CP5211

Dear all,
We have an existing mortgage loan with DBS which we just did a refinance in mid July this year. The package was was 3M Sibor+0.75% for the first 3 years and 3M Sibor + 1% there after.
Today, when I contacted DBS for an IPA, I was told that the package is no longer available and the new package is:
Year 1 1M SIBOR + 0.75%
Year 2 1M SIBOR + 0.75%
Year 3 1M SIBOR + 0.75%
Year 4 1M SIBOR + 1%
Thereafter 1M SIBOR + 1.25%

Does any body know of banks offering better rates than this? Thank you!

Are you a Treasure customer with DBS?

**CP5211** · 17-09-12, 18:25

Originally Posted by dtrax

Are you a Treasure customer with DBS?

NO. We used to be Treasures back in 2008 when we took up our first loan with DBS. However, despite the 'Treasures' status, DSB gave a standard rate which the non Treasures customers also enjoy : (

**newbie11** · 17-09-12, 18:47

Originally Posted by CP5211

Dear all,
We have an existing mortgage loan with DBS which we just did a refinance in mid July this year. The package was was 3M Sibor+0.75% for the first 3 years and 3M Sibor + 1% there after.
Today, when I contacted DBS for an IPA, I was told that the package is no longer available and the new package is:
Year 1 1M SIBOR + 0.75%
Year 2 1M SIBOR + 0.75%
Year 3 1M SIBOR + 0.75%
Year 4 1M SIBOR + 1%
Thereafter 1M SIBOR + 1.25%

Does any body know of banks offering better rates than this? Thank you!

Depends on loan quantum and completion status

**dtrax** · 18-09-12, 14:13

Originally Posted by CP5211

NO. We used to be Treasures back in 2008 when we took up our first loan with DBS. However, despite the 'Treasures' status, DSB gave a standard rate which the non Treasures customers also enjoy : (

i see, the reason I asked this is because treasures customers should be able to get a better rate. Perhaps they withdraw the privilege

**CP5211** · 18-09-12, 22:25

Originally Posted by dtrax

i see, the reason I asked this is because treasures customers should be able to get a better rate. Perhaps they withdraw the privilege

back in 2008, we told the DBS Home Assurance Business Manager we are Treasures customers and ask her to give us a better rate. She said she will try but end up still same rate as non Treasures

**DC33_2008** · 19-09-12, 09:15

I had enough of DBS. Move on with other banks which are more flexible.

**taggy** · 19-09-12, 10:04

Originally Posted by price

wow never knew they offer such rates. was ur loan quantum huge?

loan quantum small, around 500k

**newbie11** · 20-09-12, 00:06

Originally Posted by taggy

Mine is 0.55 spread yr1, 0.65 spread thru out, currently at 0.93%

sounds like a rate for BUC

**Ringo33** · 20-09-12, 16:55

Originally Posted by CP5211

Dear all,
We have an existing mortgage loan with DBS which we just did a refinance in mid July this year. The package was was 3M Sibor+0.75% for the first 3 years and 3M Sibor + 1% there after.
Today, when I contacted DBS for an IPA, I was told that the package is no longer available and the new package is:
Year 1 1M SIBOR + 0.75%
Year 2 1M SIBOR + 0.75%
Year 3 1M SIBOR + 0.75%
Year 4 1M SIBOR + 1%
Thereafter 1M SIBOR + 1.25%

Does any body know of banks offering better rates than this? Thank you!

try hsbc. they have a very similar package. mine is 1M Sibor + 0.75% to infinity and beyond.

**taggy** · 20-09-12, 17:53

Originally Posted by newbie11

sounds like a rate for BUC

nope, i refinanced from another bank for a completed property.

**DC33_2008** · 21-09-12, 10:23

SOR HAS GONE BELOW SIBOR:

SIBOR Rates – 20 Sep 2012
SIBORSOR1 Month0.313750.237962 Month0.375000.320063 Month0.380000.368616 Month0.430000.608629 Month0.495830.7722312 Month0.569580.9255023122

**carbuncle** · 21-09-12, 11:58

wait for it to become 0.10

**CP5211** · 21-09-12, 12:20

Originally Posted by taggy

nope, i refinanced from another bank for a completed property.

can share what's the bank?

**taggy** · 21-09-12, 21:40

Originally Posted by CP5211

can share what's the bank?

is boc (bank of china)

**CP5211** · 22-09-12, 14:00

Originally Posted by taggy

is boc (bank of china)

Thanks Taggy

**coolchoc** · 02-10-12, 22:48

Is it true that ALL banks had removed legal subsidy? As of when & how about valuation + fire insurance?

Looking for a bank which offer 1M SIBOR...

TIA!

**newbie11** · 07-10-12, 10:56

Layman analysis of the new MAS ruling. Read more here.

**newbie11** · 07-10-12, 10:58

Originally Posted by coolchoc

Is it true that ALL banks had removed legal subsidy? As of when & how about valuation + fire insurance?

Looking for a bank which offer 1M SIBOR...

TIA!

http://www.findahomeloan.sg/componen...y-and-freebies

You may PM me.

**minority** · 08-10-12, 10:16

With the age limit is 65 . How is this enforced? I mean the lowest age of a couple is taken? Say husband is 45 wife is 30 means can take a loan up to 35 yrs?

**zeamybro** · 10-10-12, 20:52

Hi, may I know if anyone take up any mortgage loans recently after the new cm? Which bank is giving the best rates or package now?

**coolchoc** · 11-10-12, 08:52

Originally Posted by zeamybro

Hi, may I know if anyone take up any mortgage loans recently after the new cm? Which bank is giving the best rates or package now?

HSBC still extending legal, valuation & fire insurance subsidies. But rates not so good IMO.

Yr 1-3 : 1M SIBOR + 0.80%
Yr 4 & Therafter: 1M SIBOR + 1.25%

Dunno if the subsidies will negate the slightly higher spread....?

**newbie11** · 11-10-12, 10:57

Originally Posted by coolchoc

HSBC still extending legal, valuation & fire insurance subsidies. But rates not so good IMO.

Yr 1-3 : 1M SIBOR + 0.80%
Yr 4 & Therafter: 1M SIBOR + 1.25%

Dunno if the subsidies will negate the slightly higher spread....?

no more after today

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