Mortgage Features
A fixed rate loan gives you a fixed monthly installment for a fixed period. This is a good option if you want to budget with certainty over the initial few years, or feel that interest rates will rise sharply. Note that there is no flexibility in terms of repaying the loan in part or in full during the fixed period, neither can interest rate change if current rates fall. Fixed rates usually incorporate a premium, the price of hedging your risks.
A floating rate loan gives you more flexibility to make partial capital repayments. Interest rates are based on a rate which is subject to change in a changing market and economic conditions. This means you will benefit when interest rates go down, and vice versa. The rates are usually a discount off the bank board rates.
A cash rebate loan offers a lump sum cash rebate, given to you when your loan is disbursed. You can use this money for whatever you wish, and it is good source of funds for renovation of a new home. Interest rates for this loan are usually charged at a premium over basic loans, and are usually based on a floating rate.
An interest offset loan is one where the amount of interest charged on the loan is calculated based on the difference between the loan balance and the balance in your linked current account. Every dollar in your current account can save you interest payments on your loan. You can maximize interest savings, pay off your loan quicker, and retain all the convenience and accessibility to your savings that a checking account can offer.
This loan caters to buildings under construction, where payment for the property is usually made in stages or when the construction has been completed and a temporary occupation permit is issued. It gives you the security of having an approved loan amount that will not change even if property prices fall when it is time to pay the developer. Promotional interest rates will also apply at point of 1st disbursement or when the temporary occupation permit is issued so that you can still benefit from these rates despite the long lag between loan offer and loan disbursement.
A housing loan monthly installment usually consists of interest due to the bank and principle paid back on your loan. To reduce your monthly installment, you can ask for an interest only payment option. This option usually offered in the first year or two of your loan, to help ease the costs incurred when moving homes.
A housing loan may be taken as an overdraft secured against mortgage. It gives you the flexibility of a high line and revolving credit to be used at your disposal, and gives you the most flexibility in loan amount used and repayment patterns. You only pay for the overdrawn amount in your overdraft account, you can make payments of any amount at any time, and you can reuse the money paid back should the need arise.
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