kliee11

I believe 3.82 is your interest rate. Since this is their 3rd loan, they are not entitled to the HDB loan so 3.82%pa makes sense. If you calculate, 3.82%pa interest on pricipal of $157268.28, your interest per month is about ~$500+, and since you haven't been making payments, interest will not be lower, it'll only increase over the months as your outstanding keeps rolling over. $820 is your monthly repayment, but this repayment has two parts to it, (Principal + Interest), hence if for the month your interest payment is $500, out of the $820, $500 will go to paying off the interest, $320 will be used to pay down the Principal. Total payment = Principal repayment and Interest repayment $820 = $320 + $500 I'd encourage you to look to refinance out to banks, 3.82% is a very high interest to pay based on current condition. Hope this helps.

HDB loan is not a privilege for nothing. yes, bank rates are better NOW, but do take note, Housing loans are for 20 - 30 years, which rate will be more stable in the long run? bank or HDB loan? If I'm on it, I will never refinance out to bank for whatever reason, coz it gives me a peace of mind. Anyway, HDB loan is pegged to 0.1% + CPF OA rate, how likely OA i/r to increase tremendously. Do note, SIBOR was way above 3% not too long ago, before crisis and once you're out of the HDB loan, when i/r increase, HDB will still likely be at 2.6% but you cannot go back to them again. Hence, my take is, if you wanna refinance your HDB loan out only because rates are lower outside now, think again!

very good package!

Maybe I can share something too, i/r under pressure to increase, in fact some analysts expect i/r to increase by 2012, but look at the forecast for USD/SGD, all bearish.... So i/r increase but USD weaken, SOR will......? I dunno too... haha...

Alternatively, just ask your current bank to do a cash out, don't even need to refinance out. Hence, you save legal fees and less hassle. The process is alot quicker too, probably can get your money within a month from signing the LO. No big disadvantage in getting the Equity loan besides paying cash payment, and it's the cheapest form of financing!

To best calculate, get an ammortisation table. Figures do not lie, and you'll know for sure what's your savings. Gimme your email if anyone needs. I'll send it over.

First of all, you should know what's the interest rate that you're paying. Approach the bank and find that out. Few things to note, 1) what kind of package (floating/fixed) 2) if floating, based on what variable? (SIBOR/SOR/Bank mortgage rate) 3) clauses? (Be very careful if under SOR, coz there might be implication if the timing of your refinancing is wrong, you'll end up PAYING! PM me if you need to find out more) 4) Reimbursement for subsidies(Legal, valuation and fire insurance), there's normally a three years lock in for this. Then, you'll have 3 options I feel:- 1) If rate is favourable, stick to them. 2) If rate is bad, check with them for their current packages, if it's decent and competitive, ask them to do a repricing for you. (Saves legal fees and hassle) 3) If rate is bad, and current packages equally so, approach other banks or mortgage broker and check for the best packages. Refinancing out involves cost (legal fees, valuation report, although most of the time is subsidized by the bank), hence, sometimes a saving of 0.05%pa., I'd rather not go through the hassle. Hope this helps.

Check with UOB to see if they can possibly do a repricing for you. honestly, if it's below 100k, not many banks will take up the refinancing.

Wouldn't really encourange repaying off HDB loan early though, it's an entitlement given to you by governtment, make full use of it. Advantage is, even if things turn very very bad, it's quite unlikely that HDB will recall the house back, hence, your roof over your head. Another thing is I always encourage fully leverage on the first property, and keep your cash and OA growing. When opportunity comes when market takes a dip, you can buy your second one as investment!

Hi all, Does anyone here has got experiences with Jason from Ideal House? Met him recently and pending quote from him, would like to draw on people's experiences and feedback. Many thanks!

Hi Bro, Doing my renovation now for me new place, and looking to change my air condition. What would you recommend for a sys 4 as mentioned above? how much would a system 4 cost? Many thanks!