Originally Posted by
rusty28
Hi guys,
I need some kind advice. I'm getting a home loan from OCBC for my new property, a 1+1 freehold in district 15, TOP in about 2 years time. However, I'm not sure if I should stretch the loan tenure to the max of 40 years. After calculating the total interest I have to pay for a 40 years tenure, I felt that it was too high.
I'm planning to rent/sell the place if it fetches a good price after TOP, else I will move in.
Being a 1st time buyer, what should I consider when taking up a home loan and how should I decided on the tenure other than how much I'm willing to pay per month? What are the other pros (less interest paid) and cons (higher monthly payment) for a shorter tenure?
I do apologise if I sound ignorant but I just don't want to take my banker's words for words.
Thank you.