SINGAPORE — So you’ve just seen how much you’re paying this month on your home loan, and you’re seriously considering switching to another bank with the lower interest rates… Except you don’t know if refinancing is a good choice. Will it really be able to save you money in the long-term? Is the cost of refinancing really worth it? Here are some costs you will encounter when refinancing your home loan:
DBS no longer sole provider in three-year fixed-rate space; BOC’s package has varying yearly rates; OCBC conspicuous by its absence
SINGAPORE — Banks in Singapore have started a mortgage war, spurred by the lower interest rate for a longer duration, to the delight of the legions of home buyers who are pouring back to a buoyant residential market.
Last week, both United Overseas Bank (UOB) and HSBC launched three-year fixed-rate home-loan packages which until now had been mainly the preserve of DBS Bank, the nation’s largest housing-loan provider. Bank of China (BOC) also has a three-year fixed-rate package but with varying yearly interest rates.
SINGAPORE — During a recent reservist In-Camp Training, I had meaningful conversations with my buddies. Over the years, 10 years in total, our conversations evolved from talking about furthering our studies and girlfriends to discussing our education and finding a job, and eventually to investing and starting a family.
One of my conversations with a close buddy was about investments. This was quite prevalent during this reservist because I’m writing for DollarsAndSense. What struck me when I spoke to him was that my friend believed that buying a 4D ticket from Singapore Pools was akin to making an investment.
Sometimes adulting can be really difficult. Especially when we’re trying to get a home in Singapore and we know zilch about the terms used in home loans. All these home loan terms and jargon bankers are using… What if we accidentally sign our life away to slavery?
In the event of a dispute, our chances of wriggling free are probably about the same as a sick snail in a Sumo wrestler’s armpit. In court, we can’t tell the judge we didn’t know what this or that term meant, ignorance just isn’t a legit excuse in the court of law. Here’re a few basic terms that you’ll encounter in your home-buying process and what they mean:
Buying a home in Singapore is a complicated procedure. Unless you’ve got the dough for private property, you’re pretty much stuck playing by the HDB’s rules: get married or be over 35. For most people, that means when you can buy a home is something that has to be left up to fate.
But buying a home as early as you can does have its advantages, assuming you can find somebody who is willing to do so with you. Here’s why:
Owning a home is one of the most important items on Singaporeans’ checklist of life goals. And based on how horribly expensive it is to rent here, it’s easy to see why.
Renting a home or even just a room, even if it’s the only way for a 40-year-old virgin to get out from under his parent’s thumb, is usually frowned upon as a waste of money that could otherwise go towards saving for a downpayment.
SINGAPORE — Renting housing units in Singapore is common, especially with Singapore being one of the most attractive countries for expats to live and work in. Very often, these rental units are leased by expats who are often unsure of how long they will be staying in the country or permanent residents.