05 Jun '18, 2am

New: Top 10 Must-Know Home Loan Terms and Conditions

Reimbursement clauses Applied on subsidies offered by banks. To make sure the loan package offered is profitable to the banks, there is a minimum period where you have to hold on to the loan; failing which you have to refund the value of the subsidies to the bank. Reimbursement clauses usually apply up to a period of 3 years. Conversion fees Since most home loan products in Singapore are structured in a “step-up” basis (see point 9), you will have to renegotiate the loan terms with the bank from time to time. Some banks will encourage you to check back with them by waiving conversion fees (for you to switch to a cheaper loan package), while others might charge you a fee (which can range from $500 to $5000) to re-price your loan. Product structure Most banks offer home loan packages on a “step-up” basis, where your loan gets progressively more expensive as time passes. Othe...

Full article: https://www.propwise.sg/top-10-must-know-home-loan-terms-...

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