Alvin Soong’s Blog

There are eight things to consider when taking out a loan:
1 A need or a want?
Before taking a loan, ask yourself if the item or service is meant to satisfy a need or a want.
Is it just for consumption or it would be better to save for it rather than to pay a ‘premium’ price […]

Monetary Authority of Singapore (MAS) earlier this month flagged two scenarios in which the private property sector could falter. Also, MAS warned that property buyers could not assume that interest rates on home loans will stay at their current rock bottom levels indefinitely.
1) If the economy rebounds, interest rates are more likely to rise over […]

Just some key points to share:
Additional Housing Grants:
Income ceiling raised from $4k to $5K.
Maximum grant raised from $30k to $40K
New Schemes:
Increase in Lease Buyback, rental flats, BTO. More life upgrading programe, Home Improvement Program (HIP) and Neighbourhood Renewal Program (NRP)

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There are many types of loans:
1. The traditional fixed rate loans
2. Loans linked with sibor
3. Special loan packages that come with a deposit interest matching feature where the interest earned can be offset against the mortgage interest, e.g. United Overseas Bank’s (UOB) HomePlus and Standard Chartered Bank’s (Stanchart) MortgageOne Sibor.
3a. For instance, MortgageOne Sibor customers […]

Refinancing can be done in following ways:
1. Reducing interest rates
2. Restructuring the loan by including cash term loan or overdraft facilities
3. Moving to a different loan structure, from conventional interest rate package to one that is linked to the interest rate of a current account (or sibor-linked rates,or swap offer rates)
Some things to note though […]