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Thread: SOR rate holder- Its high time to manage your loan!

  1. #61
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    Quote Originally Posted by Forest ang View Post
    Thanks. Can I do it myself by instructing the bank, or must I engage a lawyer to do it?
    You can just do it yourself by sending the bank email.

  2. #62
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    Quote Originally Posted by MortgageGuru View Post
    You can just do it yourself by sending the bank email.
    Obviously no!
    Have to be by mail and sign by borrower!

  3. #63
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    Ok. But I was told I need a lawyer to collect the title deed from the bank. The bank wont give it to me. Is it true?

  4. #64
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    No need to engage lawyer.
    Can do it yourself without any cost.

  5. #65
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    Yup. Capital repayment when necessary. Banks will make more when 3-year fixed rate lapses. They are the legalized loan sharks.
    Quote Originally Posted by pmet View Post
    Think you should read all my previous posts. Since you just joined this forum, let me tell you that I'm one who long predicted QE was ending and interest rates is on its way up. Since that's the case it's no for small gains. I'm just not cheapskate as some who tries to save a few hundred to go on a holiday. If that's an issue, I suggest you do not get yourself into that million dollar mess/loan. I keep my bankers happy by taking up a loan and with all honesty I don't care about the interest rates I'm paying. If it goes up, I can redeem it.

  6. #66
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    The low rate given previously will be phased out next week and the new rate will commenced from Friday 16/1/2015. Have to submit FULL SET application to the bank before Wednesday to lock your spot.
    Please PM me soon so I can help you guys arrange the banker to collect documents soonest possible to secure your loan.

  7. #67
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    Quote Originally Posted by MortgageGuru View Post
    The low rate given previously will be phased out next week and the new rate will commenced from Friday 16/1/2015. Have to submit FULL SET application to the bank before Wednesday to lock your spot.
    Please PM me soon so I can help you guys arrange the banker to collect documents soonest possible to secure your loan.

    Are the rates mentioned the standard rates from Maybank or do you have better rates as mentioned in your earlier posts? Can you PM me details? Thanks.

  8. #68
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    Just received news from DBS banker that existing low rates will phase out this week too.
    Latest submission Thursday.
    Do PM me if you need help.

  9. #69
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    On a side note.

    Borrower should always manage your loan and follow on the current affairs.
    Make regular visits to Association of Banks in Singapore to check on the market rates.
    Always review your loan after 2-3 years, do a calculation using the offered rate against your current rate and see how much savings if you refinance.

    As for commercial property owner, its even simple.
    Every 2-3 years you MUST refinance your loan because commercial rates increase by a much more significant amount compared to residential.

    Hope this piece of managing your loan tips will go a long way aiding you to keep your cash flow strong and steady!

  10. #70
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    Hi , my lock in 3 years end on July and when is the right time to look for refinance again ?

  11. #71
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    Hi des_khor,

    you can actually refinance now and serve 6 months redemption notice.

  12. #72
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    Thanks Mortgageguru for alerting me and advising me on Maybank's low rates...my banker just told me my loan approved under the prev low rates of 1.25, 1.45 and 1.55% so I dun have to worry for the next 3 years....

  13. #73
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    Quote Originally Posted by mummy View Post
    Thanks Mortgageguru for alerting me and advising me on Maybank's low rates...my banker just told me my loan approved under the prev low rates of 1.25, 1.45 and 1.55% so I dun have to worry for the next 3 years....
    Appreciate it.
    In any case, Maybank banker are rushing the night now at this hour to get the loans done.
    I hope that I manage to help you guys out here!
    Thanks for the recognition, motivates me to post more here!
    Cheers!

  14. #74
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    MAS just did a surprise move yesterday, to weaken SGD (or to be more correct, "reduce the rate of appreciation").
    SGD will go down quick.
    and SIBOR will go up.

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    I wish he is right. the market thinks differently. After the MAS statement, the SGS note auction closed today sees the yield jumping immediately :

    This is today's auction result for 2Y notes:

    http://www.sgs.gov.sg/~/media/SGS/SG...n%20Result.pdf

    This is the last one :
    http://www.sgs.gov.sg/~/media/SGS/SG...n%20Result.pdf

    yield jumps from 0.47 to 0.7. This is a pure domestic SGD note no fx involved, it reflects ppl demanding higher yields from SGD money mkt instruments knowing SGD is depreciating. In secondary market the SGS notes yield jump too.

    And in swap market (where DBS take you mortgage in floating and hedge to fixed rate ) the swap rate 2Y also jumps, from 0.9% to 1.1%.

  17. #77
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    Quote Originally Posted by amk View Post
    I wish he is right. the market thinks differently. After the MAS statement, the SGS note auction closed today sees the yield jumping immediately :

    This is today's auction result for 2Y notes:

    http://www.sgs.gov.sg/~/media/SGS/SG...lt.p<br /> pdf

    This is the last one :
    http://www.sgs.gov.sg/~/media/SGS/SG...n%20Result.pdf

    yield jumps from 0.47 to 0.7. This is a pure domestic SGD note no fx involved, it reflects ppl demanding higher yields from SGD money mkt instruments knowing SGD is depreciating. In secondary market the SGS notes yield jump too.

    And in swap market (where DBS take you mortgage in floating and hedge to fixed rate ) the swap rate 2Y also jumps, from 0.9% to 1.1%.
    Too chim.
    I wonder Does it mean that sibor will only go higher or lower?

    I only understand Singapore interest rates are tied to the strength of the US dollar and will move further up even in the absence of rate hikes from the US Federal Reserve.

    Wouldn't this move hurt the property market even further?

  18. #78
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    No Lah, interest rate go up more people have money, they go out and spend.

  19. #79
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    teddybear is offline Global recession is coming....
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    Once interest rate goes up to 3% or more, Singaporeans will hoard money in Fixed Deposits (as usual), kiao ka do nothing and collect FAT INTERESTs and ZERO RISK!
    Who so stupid to give them such deal with so much SGD deposit and liquidity sloughing around? For that, if I am quite sure interest rate won't go up too much in Singapore! 3M SIBOR unlikely to go up above 2% by 2017......

    Quote Originally Posted by Arcachon View Post
    No Lah, interest rate go up more people have money, they go out and spend.

  20. #80
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    The whole world talking about interest rate going up, we should also follow.

    Durian dropping quick get ready.......

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    Quote Originally Posted by Yuki View Post
    Too chim.
    I wonder Does it mean that sibor will only go higher or lower?
    Higher....
    Although in all honesty, "higher" is relative. A yield from 0.47 to 0.7 is a massive 50%, but the magnitude is just 0.23. It matters more to fix income funds holding large amt of SGS bonds as this is an immediate MTM loss. But for average mortgage payment, the increase is negligible. SIBOR will go up, but IMO it will take a very long time to reach back 3-4% level. All other central banks are lowering rates, and even the fed dare not raise rate too fast or too high to jeopardize the fragile US recovery.

  22. #82
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    wah sianz liao.. the good times of super low interest rate is over..

  23. #83
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    teddybear is offline Global recession is coming....
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    Over liao loh!

    SGD drop means SIBOR and SOR up!

    This will help banks like DBS etc to earn more money from higher SIBOR and SOR!
    All you property owners WILL DIE PAIN PAIN!!!!

    Quote Originally Posted by stl67 View Post
    wah sianz liao.. the good times of super low interest rate is over..

  24. #84
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    Quote Originally Posted by teddybear View Post
    Over liao loh!

    SGD drop means SIBOR and SOR up!

    This will help banks like DBS etc to earn more money from higher SIBOR and SOR!
    All you property owners WILL DIE PAIN PAIN!!!!

    Sibor should still be lower than SOR ...

    I never like SOR ... USD IR up ... USD/SGD up ...SOR chiong ....

  25. #85
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    I suppose so...............
    There will always be times when SIBOR is higher than SOR (like 1-2 years ago) but that was when SGD is appreciating against USD. When the trend reverses, SIBOR should always be lower than SOR..........


    Quote Originally Posted by proud owner View Post
    Sibor should still be lower than SOR ...

    I never like SOR ... USD IR up ... USD/SGD up ...SOR chiong ....

  26. #86
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    Remember, do not pay up the loan when you have cash....Use the cash to generate money more than the interest rate....

    When u pay up the loan, assuming when u are 65 and need money, do you think you can mortgage your house????? Check it out.

    The rates are so low now.... Look at past rates.... This are great times if you know what to do with cash.... If you don't know what to do with cash, please pay up your loan and don't invest......

    There are always choices.... No one way is correct....

  27. #87
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    Quote Originally Posted by chestnut View Post
    Remember, do not pay up the loan when you have cash....Use the cash to generate money more than the interest rate....

    When u pay up the loan, assuming when u are 65 and need money, do you think you can mortgage your house????? Check it out.

    The rates are so low now.... Look at past rates.... This are great times if you know what to do with cash.... If you don't know what to do with cash, please pay up your loan and don't invest......

    There are always choices.... No one way is correct....
    A very plausible view.

    A good friend of mine has an interesting way to look at this in the reversed way. He advises to keep putting money max in SRS account until retirement.

    So two opposite strategies here:

    1. Hold cash, properties and max loan.

    2. Zero loan and pay CPF until retirement.

    I think both have their merits.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  28. #88
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    Quote Originally Posted by Kelonguni View Post
    A very plausible view.

    A good friend of mine has an interesting way to look at this in the reversed way. He advises to keep putting money max in SRS account until retirement.

    So two opposite strategies here:

    1. Hold cash, properties and max loan.

    2. Zero loan and pay CPF until retirement.

    I think both have their merits.
    Bro, put max srs if income tax is at top bracket.... If not, not worth it.

    Cpf - will the ceiling keep rising???? Cpf money will be locked till what age??? If a person don't mind having cpf locked in - sure, by all means....

    Some people sleep well with no loans.... I used to be like that. Hahahahaha.... Not anymore....

  29. #89
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    I have another friend who wants to house everyone under same roof. So he needs to find a landed property with many bed rooms. The budget is $4mio and he can easily buy a semi-d freehold. But he very heart ached to pump 4mio into a house as the 4mio could generate more income through other investment. So in the end, he asked his agent to help him look far an old corner terrace with only 30+years left. Paid 400+k (if I remember correctly) and another 100+k to renovate. Remaining 3+ mio go and invest in stocks, bonds.. he retires in luxury now with all the coupons, fees collected....

    My thought to him was not many people know how to invest, so sometime better buy the 4mio semi-d and let it appreciate overtime...

    Different strokes for different person.

  30. #90
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    i rather use the $$$ loan to people..20% interest and why not?

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