IT seems that now one can get a home loan in 15 minutes, if you believe the latest hype from Standard Chartered Bank. Okay, so it’s not really a water-tight yes from the bank but just approval in principal (AIP). But why is the bank doing it, other than to trump some rivals who can provide AIP in 60 minutes?
Why the rush to let prospective borrowers know their credit’s good for that dream home in less time than it takes to wash one’s hair? A decision such as buying a house with the attendant mortgage burden of the next 20-30 years or so around one’s neck should be a measured one.
It’s already strange enough that house hunters are nowadays lured to view show flats erected in posher areas, far away from the actual site, so one forgets that your dream flat is actually plonked off the Ayer Rajah Expressway. That you have to then jostle with other hopefuls to look at the model of the development can be pretty stressful, to the point of hysterics, some have said.
Serious house buyers should do their research before venturing to showrooms. Figuring out if one could afford the purchase would be the most critical element. Continue reading
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