Finance your home with greater ease by keeping in mind debt ratios, having sufficient savings and choosing a loan that best suits your needs, says a DBS expert.
“Look for products that offer benefits when you have multiple banking relationships with a single bank. For instance, you stand to earn bonus interest with theTIP NO 3: FIND A SUITABLE HOME LOAN PACKAGE
“For example, for a homeowner who took up a floating rate loan of 2.5 per cent per annum on a S$500,000 loan last year and is presently paying a higher rate of 4.25 per cent, his monthly repayments would have increased from S$2,244 to S$2,709, which translates to an increase of S$465, or 20.7 per cent per month,” she explained.
This places part of the loan amount under a fixed rate package for some certainty, while allowing borrowers to potentially benefit from the lower interest rates of a floating rate package for the remaining loan amount. POSB also offers support to home buyers and existing HDB owners earning less than S$2,500 per month via theSTART PROPERTY CONVERSATIONS EARLYWhile buying a home involves a fair bit of number crunching, there are now digital solutions to help you with the math. For instance, DBS providesthat potential homebuyers can use to get a snapshot of home affordability, or generate detailed monthly repayment schedules and assess potential home loan savings.
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