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Thread: what the best home loan package now?

  1. #121
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    Jul 2009
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    For BUC projects, 5 year fire insurance is just a gimmick because it only starts upon TOP.. But upon TOP, ie 3-4 years into loan package, most likely you will re-finance to get better rates in other banks or that same bank.. So you might not even get to enjoy 1 year of insurance, let alone 5..

    Just look at the rates and impt terms like whether you are allowed to make partial repayment, lock-in period, penalties for saying bye bye, etc.. The rest, eg fire insurance, 24hr home dunno what protection, are all gimmicks only..

  2. #122
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    Oct 2010
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    What is the best sor package now? Actually the citibank package is good when rates are moving up, ie can change to 6 mth, 12 mth sibor.

  3. #123
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    Nov 2008
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    0.75% + 3mth SOR no lock in.
    Quote Originally Posted by Fleur
    What is the best sor package now? Actually the citibank package is good when rates are moving up, ie can change to 6 mth, 12 mth sibor.

  4. #124
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    Nov 2008
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    Always go for no lock in and keep a look out for what other banks are offering since you have the option to change your loan package upon TOP. But if your TOP is expected within one year, then go for the cheapest available even with 1 yr lock in coz nothing much will change in next one year! Just change the package upon TOP. I strongly believe interest rates will remain low for at least another year. However, since your TOP is in 2013/4, then go for no lock in and always keep a look out at what other banks are offering!

  5. #125
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    Jul 2010
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    since interest rate at record low.

    Self stay = lock in the rates and also be lock in for as long as possible.

    Investment buy = no lock in if going to sell anytime. Some lock in if going to sell after some time.

    Investment cum self stay. Which ever is cheaper and better.

  6. #126
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    Apr 2010
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    most package come with no committment fee? so can cash out or reduce loan any time after full disbursement?

  7. #127
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    Quote Originally Posted by Komo
    most package come with no committment fee? so can cash out or reduce loan any time after full disbursement?
    u can pick n choose and negotiate on each individual terms also.

    Legal subsidy amount
    Legal fee clawback
    Cancellation fee
    Admin fee
    Interest Rate
    Lock in period
    Free Conversion
    Re pricing

    go to loanguru to check.

  8. #128
    Join Date
    Dec 2008
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    36

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    Quote Originally Posted by Fleur
    What is the best sor package now? Actually the citibank package is good when rates are moving up, ie can change to 6 mth, 12 mth sibor.
    ANZ does provide 3mnth SOR+0.75% through out and very interesting package on (Average of 3mSIBOR + 3mSOR) + 0.75% throughout, both have no lockin.

    back to my question "which bank to choose?", based from the answers from all experts here seem HSBC make more sense when take a deep look at prepayment term, no lockin period and come with a good gimick 5 years Fire Insurance that might not ustilise if re-finance after top.

    As for Citibank, good point with unlimited conversion but come with 2 years lockin and can partial payment not more than S$50k a day for first 3years..and conversion only benefit for the year 3 and/or after top 6mths...once come to year 4 HSBC and Citibank are all the same where we can re-finance and even change bank (kindly advise if my analysis not righ please).

    Thanks all fpr advise...anyway, opinions and comments are most welcome still...

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