UOB unveils 50-year mortgage

Posted on 24 Jul 2012 | Comments Off on UOB unveils 50-year mortgage

With increased demand seen for longer loan packages in Singapore, United Overseas Bank (UOB) recently launched a 50-year mortgage that is applicable for HDB flats and private homes. However, the age ceiling for the loan has yet to be revealed.

For leasehold property, there should be at least 35 years left on the lease at the end of the 50-year loan. This means that the property should have 85 years or more left on the lease before the owner can apply for this mortgage.

Taking the mortgage means that borrowers will be servicing the loan until their retirement years and onwards. For instance, a couple who got married at age 30 must service the loan until the age of 80.

If a borrower took out S$1 million under a 50-year mortgage at an interest rate of 1.7 percent, he will only pay around S$2,475 per month, compared with S$3,548 if it was a 30-year loan.

Ultimately, this is expected to benefit developers because high-priced homes, particularly those worth S$1 million and above, are now more ‘affordable’ due to lower monthly installments.

However, experts said that buyers will more likely prefer shorter repayment periods due to higher interest costs and retirement concerns.

“The average loan period we are seeing now for customers is about 30 years. In general, especially in Asia … customers are prudent when it comes to managing their mortgages, so most of them do not stretch out to the maximum period,” said Lui Su Kian, Managing Director and Head of the Deposits and Secured Lending Group at DBS Bank.

Source – PropertyGuru 2012 Jul 24

 

 

 

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Fish House, Sentosa’s most ecofriendly property

Posted on 24 Jul 2012 | Comments Off on Fish House, Sentosa’s most ecofriendly property

Private homeowners in Singapore are now exercising greater effort to integrate the latest environmentally-friendly features into their homes, according to an article first published in The New Paper.

For instance, a two-storey bungalow at Sentosa called The Fish House (by Guz Architects) has received praise for being an environmentally-friendly property. Owned by hedge fund manager Stephen Fisher, the Fish House received the Architectural Design Award from the Singapore Institute of Architects in 2010.

The panel of judges were impressed with the way the house blended open spaces with sea views, showing its adaptability to the country’s tropical climate.

Comprising two pavilions, the house is made of wood and glass and is connected by a bamboo walkway on the second floor. It is also surrounded by a sea-facing infinity pool.

One pavilion has a pool verandah on the first floor while the kitchen, living and dining areas can be found on the second level.

The other pavilion houses the master bedroom and two other bedrooms.

Fisher, who has lived in the house since April 2009 together with his wife and two children cited the eco-friendly features of their home such as the photovoltaic cells on the roof which harness solar energy, a roof garden for beauty and ventilation and abalone shell decorations.

Other features include extended eaves for more shade and an underground audio-visual room covered in 12.7cm-thick acrylic walls that offer underwater views of the swimming pool.

Other Pictures: The Fish House by Guz Architects

Source PropertyGuru – 2012 Jul 24

 

 

 

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