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pa1407

Best Mortgage Loan By Bank Now ?

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Anyone has studied the different packages offered by Banks recently? Can advise which is a good loan to go for ? Shorter lock-in, lower interest ?

May Bank variable rate :

1st year 0.98% (SRFR – 2.77%)

2nd year 1.48% (SRFR – 2.27%)

3rd year 1.88% (SRFR – 1.87%)

4th – 5th year 2.60% (SRFR -1.15%)

Thereafter 3.25% (SRFR – 0.50%)

How is SRFR rate compared to SIBOR?

DBS

Year 1

3M SIBOR + 1.00% capped at 1.49%

Year 2

3M SIBOR + 1.00% capped at 1.49%

Year 3

3M SIBOR + 1.00% capped at 1.49%

Year 4

3M SIBOR + 1.00%

Year 5

3M SIBOR + 1.00%

Thereafter

3M SIBOR + 1.25%

Edited by pa1407
 

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Bank of China

1st year: 3M SIBOR + 0.5 (~0.9%)

2nd year onwards: 3M SIBOR + 0.7 (~1.09%)

Notice the onwards? I think it's a very good package.

 

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Bank of China

1st year: 3M SIBOR + 0.5 (~0.9%)

2nd year onwards: 3M SIBOR + 0.7 (~1.09%)

Notice the onwards? I think it's a very good package.

sounds good, will find out more from Bank. Thanks for the advise.

Edited by pa1407
 

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My loan also from BOC. But must warn that they are very slow. Mine applied for 2 weeks already still not approved. Keep telling me mortgage department short-handed.

 

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If I'm not mistaken, StandChart offers the following:

Y1 - 0.8%+SIBOR

Y2 - 0.8%+SIBOR

Y3 - 0.8%+SIBOR

Thereafter - 1%+SIBOR

Edited by Kopicio
 

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If I'm not mistaken, StandChart offers the following:

Y1 - 0.8%+SIBOR

Y2 - 0.8%+SIBOR

Y3 - 0.8%+SIBOR

Thereafter - 1%+SIBOR

Yes, BOC has not sent me any info after request. HSBC is quite efficient. Sent me info plus calculations on projected monthly payment and interest involved withing hours. No lock-in period.

1st year : 1 or 3-month SIBOR + 0.80%

2nd year : 1 or 3-month SIBOR + 0.80%

3rd year : 1 or 3-month SIBOR + 0.80%

Thereafter : 1 or 3-month SIBOR + 1.25%

Full Repayment

For full redemption, minimum 3 months written notice is required and no penalty applicable.

 

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UOB

option A: Floating (1 Year penalty period)

(For BUC & completed properties, min $100K Loan outstanding)

Yr 1: 1.15% (MR less 3.35%)

Yr 2: 1.65% (MR less 2.85%)

Thereafter: 2.65% (MR less 1.85%)

Mortgage Rate (“MR”) = 4.50% p.a.

Partial Prepayment Penalty:

Nil. However, if loan outstanding fall below $200,000 after partial prepayment within 1 year from date of conversion, a penalty of 1.50% on prepaid amount will be imposed.

Partial Prepayment is subject to 1 month written notice.

Full Redemption Penalty:

1.50% on redeemed amount within 1 year from date of conversion.

Full redemption is subject to 3 months written notice.

option B: Floating (2 Years penalty period)

(For BUC & completed properties, min $100K Loan outstanding)

Yr 1: 0.85% (MR less 3.65%)

Yr 2: 1.65% (MR less 2.85%)

Thereafter: 2.65% (MR less 1.85%)

Mortgage Rate (“MR”) = 4.50% p.a.

Partial Prepayment Penalty:

Nil. However, if loan outstanding fall below $200,000 after partial prepayment within 2 years from date of conversion, a penalty of 1.50% on prepaid amount will be imposed.

Partial Prepayment is subject to 1 month written notice.

Full Redemption Penalty:

1.50% on redeemed amount within 2 years from date of conversion.

Full redemption is subject to 3 months written notice.

option C: 2Years Fixed (2 years penalty period)

(For completed properties only, min $100K Loan outstanding)

Yr 1: 1.28% (Fixed)

Yr 2: 1.68% (Fixed)

Thereafter: 2.65% (MR less 1.85%)

Mortgage Rate (“MR”) = 4.50% p.a.

Partial Redemption Penalty:

1.50% on prepaid amount within 2 years from date of conversion.

Partial Prepayment is subject to 1 month written notice.

Full Redemption Penalty:

1.50% on redeemed amount within 2 years from date of conversion.

Full redemption is subject to 3 months written notice.

option D: 3Month SIBOR (1 Year penalty period)

(For BUC & completed properties, min $100K Loan outstanding)

3 Month Sibor as at 11 May 2012 = 0.40%

Yr 1: 3 Month SIBOR + 0.95%

Yr 2: 3 Month SIBOR + 1.15%

Thereafter: 3Month SIBOR + 1.25%

Partial Redemption Penalty:

1.50% on prepaid amount within 1 year from date of conversion.

Partial Prepayment is subject to 1 month written notice.

Full Redemption Penalty:

1.50% on redeemed amount within 1 year from date of conversion.

Full redemption is subject to 3 months written notice.

Edited by matrix0405
 

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UOB

option A: Floating (1 Year penalty period)

(For BUC & completed properties, min $100K Loan outstanding)

Yr 1: 1.15% (MR less 3.35%)

Yr 2: 1.65% (MR less 2.85%)

Thereafter: 2.65% (MR less 1.85%)

Mortgage Rate (“MR”) = 4.50% p.a.

Partial Prepayment Penalty:

Nil. However, if loan outstanding fall below $200,000 after partial prepayment within 1 year from date of conversion, a penalty of 1.50% on prepaid amount will be imposed.

Partial Prepayment is subject to 1 month written notice.

Full Redemption Penalty:

1.50% on redeemed amount within 1 year from date of conversion.

Full redemption is subject to 3 months written notice.

option B: Floating (2 Years penalty period)

(For BUC & completed properties, min $100K Loan outstanding)

Yr 1: 0.85% (MR less 3.65%)

Yr 2: 1.65% (MR less 2.85%)

Thereafter: 2.65% (MR less 1.85%)

Mortgage Rate (“MR”) = 4.50% p.a.

Partial Prepayment Penalty:

Nil. However, if loan outstanding fall below $200,000 after partial prepayment within 2 years from date of conversion, a penalty of 1.50% on prepaid amount will be imposed.

Partial Prepayment is subject to 1 month written notice.

Full Redemption Penalty:

1.50% on redeemed amount within 2 years from date of conversion.

Full redemption is subject to 3 months written notice.

option C: 2Years Fixed (2 years penalty period)

(For completed properties only, min $100K Loan outstanding)

Yr 1: 1.28% (Fixed)

Yr 2: 1.68% (Fixed)

Thereafter: 2.65% (MR less 1.85%)

Mortgage Rate (“MR”) = 4.50% p.a.

Partial Redemption Penalty:

1.50% on prepaid amount within 2 years from date of conversion.

Partial Prepayment is subject to 1 month written notice.

Full Redemption Penalty:

1.50% on redeemed amount within 2 years from date of conversion.

Full redemption is subject to 3 months written notice.

option D: 3Month SIBOR (1 Year penalty period)

(For BUC & completed properties, min $100K Loan outstanding)

3 Month Sibor as at 11 May 2012 = 0.40%

Yr 1: 3 Month SIBOR + 0.95%

Yr 2: 3 Month SIBOR + 1.15%

Thereafter: 3Month SIBOR + 1.25%

Partial Redemption Penalty:

1.50% on prepaid amount within 1 year from date of conversion.

Partial Prepayment is subject to 1 month written notice.

Full Redemption Penalty:

1.50% on redeemed amount within 1 year from date of conversion.

Full redemption is subject to 3 months written notice.

MR is defined by the Bank ? Can I say that then there's no transparency as compared to SIBOR ?

 

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I am considering Maybank loan at flat rate of 2.98% for a 3yrs tenure...

wonder if it is advisable?

It's high as you're going for short tenure of 3 years. Can't advise for short tenure as I'm going for 20 years, with no lock-in. However usually no lock-in is still bounded by claw back conditions, and maintaining min 100k loan in 1st year. I'm probably going for HSBC 1mth SIBOR at +0.8%.

 

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I am considering Maybank loan at flat rate of 2.98% for a 3yrs tenure...

wonder if it is advisable?

I think you should be referring to reno loan..

RHB and Maybank offer the best rates... cheers

For Housing loan , i took UOB, 30 years... 3 years lock in ...

Edited by Nivle
 

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ANZ, min income for one of the borrower is 60k/pa.

0.75% + combo , throughout the tenure.

if have 150k deposit with them,

then

0.7% + combo , throughout tenure.

* combo is (sor+ sibor)/ 2 , over the last 10 yrs. highest is 3.663% in july'06 , lowest is 0.19% in Sept 2011.

Why good ?

- no lock-in

- 0.7 throughout tenure.. no need to switch ard and switching cost $$.

- sor+sibor, stable and lower than sibor or sor alone. :)

- cheaper than fixed... and fixed is not long term.

- no need to get costly mortgage insurance from bank and the insurance pays the bank first.

Edited by HappyHouse88
 

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