Home Loan in Singapore

Home Loan in Singapore

­Buying a home is on the to-do list of most families in Singapore. Most people cannot afford to buy a home with cash in their bank account so there is a need to apply for a home loan in Singapore. Choosing the best mortgage loan requires a great deal of knowledge and industry experience which thankfully, we at Savvy Home Loans are there to guide you all the way from search to moving in to your dream home.

What to know about home loans

A home loan is sometimes referred to as a housing loan in Singapore. It is pretty much a financing received from your bank or credit union that is used to buy a property. Home loan interest rates are given by the lender and you should always go around to find the best deals for you before committing to one.

Getting the best home loan in Singapore depends on your financial situation as well as many other factors which banks and credit unions consider before approving your loan. Home loan rates are either fixed with the interest rates constant over many years or variable.

Fixed home loan rates in Singapore allow you to enjoy lower repayments over time without worrying about increments in the future. It also allows you to plan your finances since your interest rates are unlikely to change at all.

Variable home loan rates are also called floating rates and they fluctuate according to the SIBOR (Singapore Interbank Offered Rate) rates every month. Thus, you can end up paying more interest on your home loan or less, depending on how the SIBOR rates swing. This type of home loan rate can make planning your loan repayments a bit difficult.

Choosing the best housing loan for you

You can either get the best housing loan for you from a bank or the HDB. Depending on what the bank rate is, a HDB housing loan can be more convenient than a bank loan. A HDB housing loan does well to help you avoid missing your payments.

Also, most home loan comparison tools in Singapore will show that HDB loans are usually cheaper than bank loans. Bank loans however have much more comprehensive loan packages that can be better configured to meet your financial situation than a HDB housing loan. Another reason why you should consider a HDB loan is because they allow you to repay early without being charged a fee.

No matter what you decide on, always carry out comprehensive home loan comparison in Singapore before taking the plunge. Speaking to a housing loan expert is also a great way to

Call us today

Savvy Home Loans Singapore provides you with home loan expert advice, excellent interest rate comparisons and all the help you may need with paperwork and eligibility checks. Don’t make your life’s biggest investment blindly.

Speak to us today about the best home loans in Singapore for you. Our mortgage specialists will assist you with an appointment and help you as your start your journey towards buying your own home. Call us at +65 6653 5655 or email us at enquiry@savvyloans.sg

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