SIBOR or SOR?

SIBOR is generally more stable while SWAP tend to fluctuate more. However 3-month SWAP has recently stayed consistently lower than 3-month SIBOR for an extended period of time. SOR is also very reactive to currency exchange rates.

Which bank offers the best home loan deals?

Interest rates and spreads are not all that matter. Don't ignore the closing costs involved. Different banks can have different customized home loans for you. Don't be surprised if you will save more on a home loan that charges more interest because of the lesser closing costs involved. This is especially so if you know that you will refinance your home loan as soon as the lock in period has expired.

HDB loan or bank housing loan?

Our opinion is to always take a HDB concessionary loan if you are eligible for one. One of HDB's objectives is to to provide affordable housing for the people. While a bank is profit driven.

Total Interest Payments

Total interest payment refer to the sum of all interest paid over the entire life of the loan or to a specific date.

However, it is not a good reflection of the total costs incurred by a borrower as it does not take into account any settlement costs incurred upfront when the home loan was initially accepted.

It also does not factor in the time value of money.

Dividing the total interest paid with the total amount of money paid to date will help the borrower discover how much of payments go towards interest and principal on average.

The results could be surprising to many.

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