- February 15, 2020
- Posted by: avantconsulting
Housing Development Board (HDB) Residential Financing – Are you a prospective newlywed, head over heels in love with your partner and looking for a matrimonial abode of blissfulness? Or are you a single who’s not ready to mingle, but still wants a shelter where you can relish in your world of freedom and peace? Or even still, are you a senior in your golden years who is actively seeking retirement nest eggs?
If your answer is a ‘yes’ to any of these questions, chances are, in landlocked Singapore, your prime choice for housing would be the quintessential Housing Development Board (HDB) flat. And with housing prices ever on the rise in Singapore, you would probably take up a personal loan to finance your HDB flat purchase.
For most who are either still studying and getting their BTO or they are getting married soon and do not have the financials to buy a Condominium, they will choose the HDB flat that is the stepping stone for many couples and couples to be.
The HDB flat is the most affordable form of residential property in Singapore, with most starting from $100k onwards and up to $600k for new ones, resale flats have come up to $1 million and above and seems to keep on growing.
For those who are new to HDB flats, they will usuauly take up the HDB loan offered by the agency itself.
HDB loans usually have a rate of 2.6% which is rather high in the current market. With the interest rates around the world and Singapore in sharp decline, we are seeing most interest rates for home loans going down sharply.
In Singapore the Mortgage rates for higher quantum housing have come down to 1.2% fixed and for some which went for floating earlier this year have seen their rates going as low as 0.7%.
For HDB, since the quantum is low, it is unlikely that one will get below 1% rates.
But the fact that interest are low means that you should consider refinancing your HDB loan from the 2.6% to the current market popular rate of 1.5%.
If you need help in this field and want to find out more , you can speak to us or contact us at +65 97529796 or +65 90925632