Ways to get loan on less interest to buy property in Singapore

Singapore is a beautiful island place. Having so many beautiful spots to visit and have fun. Moreover the city is economically well stable. And definitely one wants to live this calm and colourful place like  the Florence Residences Floor Plan .

Everyone dreams to have a home of their very own. Where they live a good life with their loved one. But buying a property in Singapore is no joke. it’s a huge financial commitment one has to made. No matter how you you’re buying a home you definitely will need a home loan. Best home loans are those who suits you more about a specific property you’re intended to buy.

 

There are actually numerous home loans which we will mention here but best of them will be further explained.

  • DBS home loans
  • OCBC home loans
  • UOB home loans
  • Standard charted home loans
  • Maybank home loans
  • Citibank home loans
  • BOC home loans.

HBD loans:

HBD loans are specifically for buying HBD flats and therefore at least one buyer has to be Singaporean. The HBD loan is ideal for home buyers who are looking for a stable interest rate. Also it is ideal for those buyers who have not enough money to purchase a very expensive property. Other then this HBD loans have other good advantages as well. It is lenient with late repayments and other things related to it. But the main consideration has to be the interest rate. The HDB loan interest rate is always pegged 0.1% more than CPF. Currently the HBD home loans rate is 2.3%. To be eligible for HBD hoke loans you should have a family income of $12000. Other important factors to get a loan are that you shouldn’t have owned any private property in last 30 months. Also you shouldn’t have already get more than two loans from HBD bank.

Bank loans:

The benefit of getting s Bank loan is it can be use to purchase a HBD property or any other private property as well. There a numerous kind of bank loans but you should have known that which one is more suitable for you and your property. Because taking loan is no joke. It is a long term commitment and you should have thoroughly consider whether you can return it or not. Bank loans are further categorized into four

  • Fixed rate
  • Floating rate
  • Fixed deposit linked rate
  • Board rate.

Equity loans:

You can sometime ask for a loan called second mortgage. Which is also known as a equity term loan as well. In simple language it is just equity loan. It is a wonderful way to get s loan with a relatively very low interest rate but this thing only  works if your very own property is worth of it. Also note that only and only private properties are eligible to purchase with a equity home loan. That mean you can’t purchase a HBD flat with a equity home loan for it you have to either get a HBD home loan or a bank loan.