Bank Loans

[snooze71]

Hi All,

Need some kind inputs, which bank loan offers the best deal currently in market?

Aiming to buy an EC in July.

Like to go for floating rates, not sure which bank include fire insurance and etc?


Cheers

[leesg123]

Hi All,

Need some kind inputs, which bank loan offers the best deal currently in market?

Aiming to buy an EC in July.

Like to go for floating rates, not sure which bank include fire insurance and etc?


Cheers

check loanguru

[DC33_2008]

Not sure about your household income status or upgrader to EC, better buy soon before they remove the grant. Just look at yesterday sale of twin fountains, all daul keys and four room sold out.

Hi All,

Need some kind inputs, which bank loan offers the best deal currently in market?

Aiming to buy an EC in July.

Like to go for floating rates, not sure which bank include fire insurance and etc?


Cheers

[starrynight]

Depends on your own views lah. But this website is quite good in helping you understand what packages are in the mkt.

My friend just last week signed for a Citibank loan where the rate was fixed at something like 1.3% for 3 years, which I think is very good if you want a fixed rate.

If you have the Citigold / Treasures / Premier / etc. relationship with any bank, they can probably shave 0.05% to 0.10% off the quoted rate too.

Hi All,

Need some kind inputs, which bank loan offers the best deal currently in market?

Aiming to buy an EC in July.

Like to go for floating rates, not sure which bank include fire insurance and etc?


Cheers

[starrynight]

And these days, almost all bank loans no more freebies like legal subsidy, fire insurance, valuation, etc.

Fire insu is very cheap lah... If you bought a $1.x m house, the insu will only be around $150 cos the insurance is only on the structure, not the land.

Legal fees around $2700 to $3000, and valuation around $400 (well, maybe new unit don't need valuation... you should check).

Hi All,

Need some kind inputs, which bank loan offers the best deal currently in market?

Aiming to buy an EC in July.

Like to go for floating rates, not sure which bank include fire insurance and etc?


Cheers

[juayster]

Try citi n ANZ. Their rates are competitive.

[snooze71]

Thanks all for replies.....

will check out Citi and ANZ, including their Citigold / Treasures / Premier which needs ~$150K in opening account right?

Also, which is much preferred SIBOR or SOR?


Cheers

[snooze71]

Depends on your own views lah. But this website is quite good in helping you understand what packages are in the mkt.

My friend just last week signed for a Citibank loan where the rate was fixed at something like 1.3% for 3 years, which I think is very good if you want a fixed rate.

If you have the Citigold / Treasures / Premier / etc. relationship with any bank, they can probably shave 0.05% to 0.10% off the quoted rate too.

Thanks, your URL is very handy indeed.

[starrynight]

Think they usually need $250k.

Sibor versus SOR is subjective, but I prefer Sibor. 1-month sibor is meaningfully lower than 3-month sibor, so if you get a good rate, can consider that. Only some have 1-month sibor based packages

Thanks all for replies.....

will check out Citi and ANZ, including their Citigold / Treasures / Premier which needs ~$150K in opening account right?

Also, which is much preferred SIBOR or SOR?


Cheers

[evolutionx]

Think they usually need $250k.

Sibor versus SOR is subjective, but I prefer Sibor. 1-month sibor is meaningfully lower than 3-month sibor, so if you get a good rate, can consider that. Only some have 1-month sibor based packages

yeap .. just took the dbs package for 2 years ... but forced to take 3 mth sibor oh well .. cant win everytime ... but their rates are def the most competitive ...

however, you can approach smaller banks like bank of east asia since they can do better rates (but no internet banking etc). their rates were slightly better than dbs ... but also 3 mth lock in.

[shareidiot]

1 mth & 3 mth sibor has different spread, isnt it? 1 mth sibor has higher spread ? Basically, I think they work out similar.

I was blessed (I believe) that I manage to secure a loan with 3-sibor + 0.65% spread (all the way). No need (& no way) to re-finance liao, I guess....

Think they usually need $250k.

Sibor versus SOR is subjective, but I prefer Sibor. 1-month sibor is meaningfully lower than 3-month sibor, so if you get a good rate, can consider that. Only some have 1-month sibor based packages

[starrynight]

They may work out to be similar now, but in future, the gap may widen / narrow.

Re your loan package, you really have the best deal ever! Hope it's a house you have decided you like a lot, and will never sell

I had the second best deal ever - 3-month Sibor + 0.70% all the way. This was back in 2007.

1 mth & 3 mth sibor has different spread, isnt it? 1 mth sibor has higher spread ? Basically, I think they work out similar.

I was blessed (I believe) that I manage to secure a loan with 3-sibor + 0.65% spread (all the way). No need (& no way) to re-finance liao, I guess....

[mygeemeel]

They may work out to be similar now, but in future, the gap may widen / narrow.

Re your loan package, you really have the best deal ever! Hope it's a house you have decided you like a lot, and will never sell

I had the second best deal ever - 3-month Sibor + 0.70% all the way. This was back in 2007.

I signed stanchart a couple years back. 1mth sibor + 0.5%.

[shareidiot]

You have the best deal ever, if your package is "all the way" (applicable throughout tenure) ...!...

I signed stanchart a couple years back. 1mth sibor + 0.5%.

[starrynight]

Song song gao julong!

I signed stanchart a couple years back. 1mth sibor + 0.5%.

[mcmlxxvi]

I oso juz sign package.

1M SIBO * 0.00% to infinity and beyond.

Borrow from my Bank of Piggy. LOL

[newbie11]

What's your preference? Some prefer lowest y1-3, some want low spread thereafter, some dont like SOR, etc. So definition of best deal difers.

[mygeemeel]

A trick is never stick to one banker. Because you can bargain the rates and fire insurance. I have 5 years fire insurance. Although it is cheap but since cheap whats stopping the banker from giving free.

[snooze71]

anyone who got any good deals on bank loans recently?

need to apply one in Sept.

time to start asking mortgage brokers

[chenglinsu]

How long does it take for a bank loan to be approved these days? Have submitted my documentation ten days ago but no news yet. Every time I check with banker, he said everything is fine and will be approved soon.

[Trigger]

How long does it take for a bank loan to be approved these days? Have submitted my documentation ten days ago but no news yet. Every time I check with banker, he said everything is fine and will be approved soon.

Should be just 1-2 days after you submit all the required docs.

[snooze71]

SC quoted (with min SGD$50K equivalent depposits or investments)
Year1 -3 : 1mth or 3mth sibor + 0.8%
Thereafer : 1mth or 3mth sibor + 0.8%
Partial Repayment : up to 30% of principal outstanding
No legal or fire insurance

is this a good deal?

[mcmlxxvi]

SC quoted (with min SGD$50K equivalent depposits or investments)
Year1 -3 : 1mth or 3mth sibor + 0.8%
Thereafer : 1mth or 3mth sibor + 0.8%
Partial Repayment : up to 30% of principal outstanding
No legal or fire insurance

is this a good deal?

Quickly Snatch it up b4 it also raise to 2pct follow hsbc.... !

[snooze71]

Quickly Snatch it up b4 it also raise to 2pct follow hsbc.... !

paisey, typo error, should be

SC quoted (with min SGD$50K equivalent depposits or investments)
Year1 -3 : 1mth or 3mth sibor + 0.8%
Thereafer : 1mth or 3mth sibor + 1.25%
Partial Repayment : up to 30% of principal outstanding
No legal or fire insurance

[mcmlxxvi]

paisey, typo error, should be

SC quoted (with min SGD$50K equivalent depposits or investments)
Year1 -3 : 1mth or 3mth sibor + 0.8%
Thereafer : 1mth or 3mth sibor + 1.25%
Partial Repayment : up to 30% of principal outstanding
No legal or fire insurance

Nooooo...... what r the other banks offerings?

Good or bad can only be advised by comparison.

[newbie11]

Should be just 1-2 days after you submit all the required docs.

Not so fast la. So many check now

[newbie11]

paisey, typo error, should be

SC quoted (with min SGD$50K equivalent depposits or investments)
Year1 -3 : 1mth or 3mth sibor + 0.8%
Thereafer : 1mth or 3mth sibor + 1.25%
Partial Repayment : up to 30% of principal outstanding
No legal or fire insurance

no gd la..

[snooze71]

Just realised some banks uses their inhouse 'mortgage rate' (MR).

UOB is offering (Float No Lock) : Mortgage Rate = 4.5%
Year 1 : 1% (MR - 3.5%)
Year 2 : 1.38% (MR - 3.12%)
Year 3 : 1.98% (MR - 2.52%)
Year 4 : 2.65% (MR - 1.85%)
Thereafter : 2.65% (MR - 1.85%)

It looks much attractive compared to Sibor rates. Of course the critical component is the 'mortgage rate' (MR).

What are the pros/cons of going with a bank that offers inhouse 'mortgage rate' (MR)?

[GORDON]

inhouse mortgage rate is not transparent

it means the rate can go up higher (to the bank's advantage)
the rate usu does not go down

corollary: better invest in that bank share since there are naive borrowers willing to be milked by the bank

[newbie11]

Just realised some banks uses their inhouse 'mortgage rate' (MR).

UOB is offering (Float No Lock) : Mortgage Rate = 4.5%
Year 1 : 1% (MR - 3.5%)
Year 2 : 1.38% (MR - 3.12%)
Year 3 : 1.98% (MR - 2.52%)
Year 4 : 2.65% (MR - 1.85%)
Thereafter : 2.65% (MR - 1.85%)

It looks much attractive compared to Sibor rates. Of course the critical component is the 'mortgage rate' (MR).

What are the pros/cons of going with a bank that offers inhouse 'mortgage rate' (MR)?

what's attractive?