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MAS loan tenure updates lai liao
Hi all bros and sis, I need some advice for those experts in loan especially home loans. My loan due for refinancing soon and i have to decide the following: 1) SIBOR or fixed rate 2) Tenure. I am currently have abt $235K on O/S principal on my loan and currently a bank offers me 3mth SIBOR +1% for 3 years without lock in. I am tempted to take this as my current loan interest is 3%. tenure left 18years. My question is that should i stretch the tenure to 30 years again and maximise my savigings in CPF which will be gettign abt 2.5% where SIBOR +1% is only abt 1.6%. In this way, i will have more CPF savings in my oridnary account and earn more interest to offset the interest incurred on the loan. any experts please advise. Thanks.