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#1

Posted 02 May 2013 - 11:24 PM

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As mentioned in the title, which bank is better for property loan?

A little new to buying new property, please share your views.
Thanks



#2

Posted 02 May 2013 - 11:37 PM

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Why do you care which bank is better? You are borrowing, not investing.

Best is the bank closes down or messes up its records and you get your loan for free. Hahaha.

I mean if I borrow from ah long, I would pray every day that the ah long gets arrested or knocked down by car and die, right?

Edited by Viceroymenthol, 02 May 2013 - 11:40 PM.


#3

Posted 03 May 2013 - 12:00 AM

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you can try ocbc or dbs

#4

Posted 03 May 2013 - 12:03 AM

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Cb lah. People wanna know cos some banks give free legal fee for documentation mah. Not all like you privileged client hor biggrin.gif biggrin.gif biggrin.gif

#5

Posted 03 May 2013 - 12:11 AM

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TS is looking to reduce cost of loan lah why so CB ? angry.gif

Edited by Cavver, 03 May 2013 - 12:12 AM.


#6

Posted 03 May 2013 - 12:22 AM

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you need to check out all the packages to see which one suits you

#7

Posted 03 May 2013 - 12:43 AM

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As mentioned in the title, which bank is better for property loan?

A little new to buying new property, please share your views.
Thanks


just took a loan recently so I can share a bit la...u have to call all the different banks from local to foreign such as citi, anz, stanchart, etc. Ask them for their rates. OCBC and some local banks like to propose you to take up their bank board rates...generally I avoid that.. you also need to decide if you want 1 month sibor, 3 months or 6 months...there are also sor rates packages as well.

for me, I took the anz bank loan as they offer legal rebates and some freebies vouchers...gotta to take note that most of the banks are no longer allowed to provide any freebies...so its really up to you to decide how many months and whether you want sibor or sor....and of cos the lock-in period.

BTW never take the bankers that are recommended by your agent....they get a cut in the commission...find your banker and you can ask for such rebates "under table"
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#8

Posted 03 May 2013 - 01:09 AM

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New or resale?

Some banks offer a lower rate for some new projects.

If you intend to refinance every 3 yrs bec promo rates and lock-in usually apply for the first 3 yrs, citi/hsbc/ bank of china/ anz offering pretty competitive rates.

Citi and HSBC packages are Sibor+0.9.
BoC is SOR+0.85
ANZ is SOR+0.95 or SOR/SIBOR average+0.95




#9

Posted 03 May 2013 - 01:47 AM

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Can just visit here

http://www.smartloans.sg/
http://www.singaporehousingloan.sg/

they compile n let u choose, dun need to call up every banks.

#10

Posted 03 May 2013 - 10:38 AM

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a bit blur as first time taking bank loan, so more questions:

- any view on whether it is better to based loan on sibor or sor?

- select law firm first or bank loan first?

- which law firm did you use?




just took a loan recently so I can share a bit la...u have to call all the different banks from local to foreign such as citi, anz, stanchart, etc. Ask them for their rates. OCBC and some local banks like to propose you to take up their bank board rates...generally I avoid that.. you also need to decide if you want 1 month sibor, 3 months or 6 months...there are also sor rates packages as well.

for me, I took the anz bank loan as they offer legal rebates and some freebies vouchers...gotta to take note that most of the banks are no longer allowed to provide any freebies...so its really up to you to decide how many months and whether you want sibor or sor....and of cos the lock-in period.

BTW never take the bankers that are recommended by your agent....they get a cut in the commission...find your banker and you can ask for such rebates "under table"



#11

Posted 03 May 2013 - 10:47 AM

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is it safe to register your phone number with the site?
quite keen to keep my phone number safe from telemarketing.


Can just visit here

http://www.smartloans.sg/
http://www.singaporehousingloan.sg/

they compile n let u choose, dun need to call up every banks.



#12

Posted 03 May 2013 - 10:49 AM

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If you believe rates will rise

then the best is a lock in fixed rate loan.

My bank refused to renew my fixed rate loan

and said they don't have any more fixed rate

loans. My guess is that they expect rates to rise

and don't sell fixed rate loans any more.

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#13

Posted 03 May 2013 - 10:52 AM

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a bit blur as first time taking bank loan, so more questions:

- any view on whether it is better to based loan on sibor or sor?

- select law firm first or bank loan first?

- which law firm did you use?


- sibor should be fine. more transparent imho (though the recent libor scandal should say otherwise). avoid loans using COF (cost of funds)

- both. you should already know where you want to exercise the option. but its always good to make sure the lawyer is on the bank's panel. have seen instances where they dont accept using a specific lawyer (though it's once in a blue moon)

i myself just took a home loan also - what you want to do is get a few quotes and pit the banks against each other. i can tell you right off the bat i got *slightly* lower than what sabian quoted (it also helps i work with banks almost daily too, i suppose). so there is room for negotiation.





#14

Posted 03 May 2013 - 10:53 AM

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If you believe rates will rise

then the best is a lock in fixed rate loan.

My bank refused to renew my fixed rate loan

and said they don't have any more fixed rate

loans. My guess is that they expect rates to rise

and don't sell fixed rate loans any more.

biggrin.gif


i think uob still have 5yr fixed rate if i rem correctly
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#15

Posted 03 May 2013 - 10:53 AM

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i got a 0.7% + SIBOR 3m from HSBC 3 years ago. Last time got legal subsidy but now not sure. Started from 0.9%, then 0.8% and now 0.7% till loan clear. No sure if still have this package.

#16

Posted 03 May 2013 - 01:34 PM

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a bit blur as first time taking bank loan, so more questions:

- any view on whether it is better to based loan on sibor or sor?

- select law firm first or bank loan first?

- which law firm did you use?


ANZ was the last bank that still offer legal subsidies during late last year as the result of MAS ruling. Legal fees is about 2.8k and ANZ threw in 500 dollars of vouchers. That is the reason why I took ANZ SIBOR/SOR Combo package. I select bank loan first. My law firm is Eldan Law LPP....I chose them cos they are among the cheapest at 2.5k...but later was told they just jack it to 2.8k
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"Hatred isn't something you're born with. It gets taught. At school, they said segregation is what's said in the bible... Genesis 9, Verse 27. At 7 years of age, you get told it enough times, you believe it. You believe the hatred. You live it... you breathe it. You marry it."
Mississippi Burning, 1988

#17

Posted 03 May 2013 - 01:41 PM

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When I took my home loan 8 years ago...didn't source out long...just wanted to get same bank I was using as "salary savings account" so I have 1 view of everything...well because as far as I believe it's still hutang no matter what...even my car loan is with the same bank (talk about loan loyalty haha...)...but after the lock in period I try to source out as I did a lump sum payment and wanted to shorten the loan tenure (now 10 years)...but in the end still stay with the same bank hehehe...OCBC...but me and wifey don't have cc with OCBC...sent us once but we cancelled..so not really that loyal hehehe..

Now not sure of how the market goes...

#18

Posted 03 May 2013 - 01:43 PM

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Ocbc home loan is gd too.

#19

Posted 03 May 2013 - 01:51 PM

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a bit blur as first time taking bank loan, so more questions:

- any view on whether it is better to based loan on sibor or sor?

- select law firm first or bank loan first?

- which law firm did you use?


1) I understand banks stopped marketing SOR based loans where SOR when into the negative territory. Not sure about now.

2) & 3) Most law firms charge roughly at the same rate. So I left it to the bank to decide for me. Most important is to find a loan package which suits your needs. So I would say settle the bank part first.

Fixed vs floating etc? Anyway, other than HDB loan which is fixed for the whole tenure, all "fixed" bank loans are only fixed for the first 3-5 yrs. After that, it will convert to a floating basis. By then, your lock-in period would have expired and you can either choose to re-price or refinance it with another bank.
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#20

Posted 03 May 2013 - 02:03 PM

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A supposedly good bank will not give the best deal all the times. Once the bank hit its quota, the best deals might be gone. So, it is best to ask all the banks and study all the options available. Choose the best loan offer, and not the bank. Be it fixed, sibor or whatever.


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