Are mortgage rates the only thing to compare and review?
Simply comparing only the numerical value of an interest rate package is like comparing 2 bags of fruits based on price without consideration of its content and weight.
Lets take a look at the comparison matrix for some of the other factors & features for consideration:
Types of Interest Rate References |
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| (1) Board Rate | (2) Board Rate | (3) Board Rate | |
| (Fixed Deposit Pegged - 12/18/24/36 months) | (Uniform) | (Multiple Variant) | |
| (4) SIBOR / SOR | (5) Fixed Rate | (6) Cost of fund | |
| (1/3/6/12 months) | (1 -5 years) | (1/3 months) | |
Lock In /Tie In Period |
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| Yes | No | ||
Cancellation / Prepayment Penalty |
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| 0.75% - 2.00% | |||
Average Teaser Rate |
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| 1 - 5 years average | |||
Perpetual Throughout Rate |
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| Yes | No | ||
Bank Subsidies |
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| Yes | No | ||
Max Financing Quantum |
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| 50% - 80% | |||
Property Type |
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| Residential (HDB / EC / Private Property) | Commercial | Industrial | International |
Construction Phase |
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| Completed | Under-Construction | Land and House | |
Minimum Build In Requirement |
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| >40 sqm | >50sqm | ||
Type of Borrower |
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| Individual | Investment Holding | Operating Company | |
Usage |
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| Owner-occupation | Investment | ||
Valuation |
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| 0 - 15% variation | |||
Tenure |
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| 5 - 35 years | |||
Minimum Remaing Lease / Age Of Property |
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| 20 - 40 years | |||
Minimum Loan |
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| >$200k etc | >$300k etc | >$500k etc | > $1M etc |
Eligibility |
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| Citizens | Permanent Residents | Foreigners | US Tax Residents |
Location |
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| Selected locations / zoning / states | Country wide | ||
Mortgage Repayment |
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| Principal + Interest | Half Principal + Interest | Interest Only | |
Interest Amortization |
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| Daily Rest | Monthly Rest | Reducing Balance | Straight Line / Linear |
Interest Availability Period |
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| 3 - 6 months | |||
Additional Equity Term Loan |
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| Yes | No | ||
Max LTV/LVR for Equity Term Loan |
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| 70% | 75% | 80% | |
Debt Servicing Ratio Exemptions |
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| Yes | No | ||
Loan Redraw Feature |
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| Yes | No | ||
Interest Offset |
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| Yes | No | ||
Dual Currency Switch |
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| Yes | No | ||
Loan Margin Call/Top Up |
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| Yes, 5% buffer | Yes, 10% buffer | Unlikely | |
Processing Fee |
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| Yes | No | ||
Annual Recurring Fees |
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| Yes | No |
As Singapore’s independent mortgage specialist broker since 2010, we provide impartial unbiased advice to help you secure the best financing deals in town.
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