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Making sense of home loans

Posted on 24 Sep 2009 | Comments Off

We survey what’s on offer by major banks and discuss key features of the packages. By FELDA CHAY and SIOW LI SEN

WITH the recent home buying spree, one pertinent issue is how to pick the best home loan from among the dozens on the market. What with all the different plans and reams of fine print to go through, the search for the right home loan can often be a headache. Here, online websites can be a boon by making comparison of features easier. Check out smartloans.sg which has details of home loan packages from eight banks – HSBC, Standard Chartered, Rashid Hussein Bank (RHB), Maybank, UOB, OCBC, POSB and DBS.

The fixed rate package from Stanchart and floating rate package from HSBC are currently the most popular among users of the website. And it is constantly trying to add new banks to the list, with talks now ongoing with Citibank Singapore. Smartloans.sg’s chief executive Vinod Nair says he expects the bank’s packages to be listed on the website soon.

While the large variety of loan schemes available may leave many house buyers confused, Mr Nair says that there are a few things to keep in mind. ‘It depends on why you are buying the property. If you are buying it for investment purposes, you should take the floating packages because there are usually no lock-ins for floating rate packages. Also, they are usually pegged to rates like Singapore Interbank Offered Rate (Sibor), which should remain fairly low in the next one to two years,’ he says. Continue reading →

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Posted in Loan / Mortgage / Finance

Tagged Home Loans, Housing Loans, Property Loans, Singapore Property Loan

Bank lending stands at 7-month high in June

Posted on 1 Aug 2009 | Comments Off

Growth fuelled by home loans even as lending to businesses slows

BANK lending rose in June to the highest level in seven months as growth in home loans accelerated even as lending to businesses continued to slow.

The total amount of Singapore-dollar loans held by banks here grew by 0.5 per cent over the month to $272.2 billion at end-June, estimates from the Monetary Authority of Singapore show. That followed an expansion in overall bank lending of 0.3 per cent in May, fuelling optimism that both credit demand and supply could be recovering.

‘It’s not very dramatic, but it is one more sign of stabilisation in the economy,’ said David Cohen, director of Asian economic forecasting at Action Economics.

The main source of growth was consumer housing and bridging loans, which rose 1.5 per cent in June to $82.9 billion, after a 0.8 per cent increase in May. Continue reading →