Finding The Best Housing Loan Deals
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If you are going about yourself to find the best housing loan Singapore, keep these in mind
Duration: Find out the maximum loan tenure that you can get from the bank. Usually the loan term will be 30 to 35 years, or up to when you reach the age of 65, 70, or 75 (whichever is lower), depending on the lender you apply with.
Monthly payments: Make comparisons from different offers from different lenders. Compare the monthly installments based on different interest structures. Failing to make comparisons will rob you from knowing what is the best housing loan deal in the market.
Fees: Find out the administrative fees, legal fees, insurance premium, etc. Ask about these fees before making a commitment. You don’t want to get a shock only after you signed on the mortgage offer. Sometimes, in the frantic search for your Singapore housing loan, you may have neglected the details of these extra fees and charges.
Freebies: Ask about subsidies that the bank is comfortable to offer you. In certain scenarios, fire insurance, valuation fees, legal fees, etc, are common fees that can be subsidized. Free fire insurance is a common giveaway from the banks.
Penalties: Find out about partial and full redemption penalties. If you have the intention to repay your housing loan in the near future, it is crucial that you know about the early redemption terms of the housing loan package.
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