3 Year Fixed Rate Loan

[moneyspinner]

Mortgage Reducing Insurance is not compulsory to take if that's what you are asking. But to enjoy the current DBS promo package at 1.99 each 1st 3 years, need to take it. Otherwise as I know it will be at 1.99 2.19 and 2.29%.

What is the purpose and cost of this Mortgage Reducing Insurance? Care enlightening me? Is this requirement unique to DBS? Who bears the cost? Any claw back if the loan is paid down prematurely?

[sclassic]

Mortgage Reducing Insurance is not compulsory to take if that's what you are asking. But to enjoy the current DBS promo package at 1.99 each 1st 3 years, need to take it. Otherwise as I know it will be at 1.99 2.19 and 2.29%.

I dun think it is a must to get the insurance from DBS. Personally I did not buy the insurance from them. Initially they called me up to introduce their insurance package but did not 'insist' that I must buy from them. After I compared their rate with another insurance company I found that the latter is better and so I went for it. The DBS staff was aware. No question asked or whatsoever.

[teddybear]

Really no lock-in? So good?

I got the dbs 1.99% 3 year fixed rates with no partial payment penalty and no lock-in period. I think this has served almost all my needs.
The reason why I don't like to go for SOR is cos my old property was financed with UOB's SOR package and during 2007 my interest escalated to 5+%!! And too bad I was still in locked-in period thus could only refinance later.
I also talked to a few bankers and my opinion is that SOR fluctuates much more than Sibor and the probability of SOR rising more than Sibor is also much higher.

[housewife]

I dun think it is a must to get the insurance from DBS. Personally I did not buy the insurance from them. Initially they called me up to introduce their insurance package but did not 'insist' that I must buy from them. After I compared their rate with another insurance company I found that the latter is better and so I went for it. The DBS staff was aware. No question asked or whatsoever.

did u sign recently, say less than 2 weeks ago? this package initially had no requirement on mortgage insurance. then not available. then a higher rate 3 yr fixed rate package. then 1.99% 3 yr package came back, with mortgage insurance requirement, other terms the same. this is my experience in recently few month, from home loan consult (not DBS staff, coz fixed rate package not for my uncompleted project). if now really can get 1.99% package and turn down mortgage insurance, pls let me know coz friend will take this.

[sclassic]

did u sign recently, say less than 2 weeks ago? this package initially had no requirement on mortgage insurance. then not available. then a higher rate 3 yr fixed rate package. then 1.99% 3 yr package came back, with mortgage insurance requirement, other terms the same. this is my experience in recently few month, from home loan consult (not DBS staff, coz fixed rate package not for my uncompleted project). if now really can get 1.99% package and turn down mortgage insurance, pls let me know coz friend will take this.

Oh I signed on mid of July - 2 weeks after the release of the package.

[housewife]

Oh I signed on mid of July - 2 weeks after the release of the package.

got it. when the package came back recently, added mortgage insurance requirement, told by consultant.

[beachball8]

got it. when the package came back recently, added mortgage insurance requirement, told by consultant.

What's the premium like for the mortgage insurance? I understand premiums are different for everyone but is this insurance particularly more expensive than other mortgage insurance?

[pupboy]

Does this latest rate pkg also available to re-pricing customers.

Thanks

[housewife]

What's the premium like for the mortgage insurance? I understand premiums are different for everyone but is this insurance particularly more expensive than other mortgage insurance?

don't know. i cannot take this package coz not completed project, so didn't ask further.

[mycom47]

Hi,

Where else can i make enquires about mortgage insurance?

Thanks

[sclassic]

Does this latest rate pkg also available to re-pricing customers.

Thanks

I believe so > re-financing (at least when it was first lauched in Jul). Which was why this package was full subscribed within 2~3 weeks. Do check with banker for the current one.

[benetta]

What about the incremental interest Singapore Residential HDB where Key to understanding that issue, for the average person (rather than investment fund) is the relationship between real estate and the stock market.