If you aren't aware yet, the world is currently going through a rising interest rate environment as Central Banks around the world try to tackle the rising inflation rate. This has a direct effect on mortgage loans Singapore has the world's highest home ownership rate at almost 90 per cent. For many homeowners here, the recent rise in interest rate...
If you aren't aware yet, the world is currently going through a rising interest rate environment as Central Banks around the world try to tackle the rising inflation rate. This has a direct effect on mortgage loans
Those who are still on Sibor 3M home loans have had a rude awakening in the past few months. You would have seen the interest rate on your home loan going from sub — three per cent in September to more than four per cent today. This is the highest it's ever been for over two decades! Let's assume you have an outstanding loan of $500,000. At an annual interest rate of 4.5 per cent, your monthly mortgage repayment is $2,533.43 for the next 30 years.
And if you think 10 per cent less a month isn't much, just think about how much savings that would be over a single year. We did the math, it's $2,852.04. That's going to go a long way in funding a European holiday, or the latest MacBook Pro.
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