28 Feb '17, 6am

DBS, UOB offering home loans with zero spread

A large crowd of prospective buyers at The Clement Canopy showflat. (Photo: UOL Group) DBS Bank and United Overseas Bank (UOB) are offering mortgages with zero percent spread to compete for the chance to fund the purchase of a minimum of 1,225 homes in this year’s first two property launches, reported the Business Times . DBS’ special-promo is based on the 18-month fixed-deposit home-loan rate (FHR), while the benchmark for UOB is the 36-month FHR. As the current rates are 0.6 percent and 0.65 percent respectively, these are the effective lending rates until the project obtains its temporary occupation permit (TOP), which is usually in three to four years. Thereafter, DBS will charge a one percent spread for its loan, while UOB’s spread is 0.9 percent for the first year after TOP and 0.95 percent subsequently. Based on a $1 million loan with a 25-year tenure, the amount to...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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