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Singapore Property Loan
If you intend to buy property in Singapore, the probability that you need financing by a bank or mortgaging company is high. Therefore, there are some crucial things you ought to know about Singapore Property Loan. When looking for a loan, do not only look for a loan which others say is good, but look for one which suits you perfectly.
First and foremost, it is important that you have the necessary approval from a bank before getting a Singapore Property Loan. It is at this point important to note that not every person can get a loan. The bank has to check your banking and loan history. They check how well you have paid your loans previously. They also check if any financer has ever auctioned you for failure in repaying the loan or whether any creditor has ever sued you. If any or all of the above has yes as an answer, then the bank might refuse to give you the Singapore Property Loan or, if they give you, they give you the minimum value with more stringent conditions.
For anyone who qualifies to have a loan, the normal duration period for an ordinary Singapore Property Loan lies between five to thirty five years. However, the loan period also goes up to the time one is seventy years old, if this comes before the five to thirty five period ends.
Be careful when choosing the type of interest rate you want for your loan. If you anticipate a rise in interest rates over time, then choose a fixed rate. This way, a rise in interest rates will not affect how your loan is charged. However, if you anticipate a fall in rates of interest over time, then it is advisable to go for a variable or floating rate. This will favor you when rates of interest rates lower, because your loan will be charged at a lower rate. Let the bank be very transparent when it comes to charging the loan.
Look for a loan package whose repayment is flexible. Let it be a package which can allow you to give a lump some repayment for the loan at the same interest rate and not at an accumulated one or a penalized one. Some banks offer such Singapore Property Loans which are not penalized when you redeem the whole loan in lump some. This is because it is more likely that you will want to pay it in lump some because of the nature of the real estate investment. Look out for any promos the bank may have during your repayment period.
Lastly, consider taking the Singapore Property Loan from a mortgage broker instead of a bank. It is faster to do so, and their rates are friendlier as compared to those the banks offer. With a mortgage broker, no service charge fees are going to be placed on you, because it is the bank that clears these fees for you.
Billy Chen
CEA Registration Number : R029372I
Tel: (+65) 88689999
Fax: (+65) 64021826
billy@billychen71.com
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