<15 Nov 2019>
Trying to read up more on bank loans vs HDB loans! Confused af hahaha. OMG. Help.
+straight forward -/+ lesser down payment needed (but this doesn't really apply to us cos we are planning to use cash and CPF to reduce as much loan before starting our loan) - expensive 2.6% + but stable. Forever 0.1% above CPF - can loan till 25 years
- pegs to sibor or their own bank rates?? - lock in periods? + Cheaper but for long term does it work out too? + Can loan till 30 years
And then there is also refinancing! Which need to take note of the legal fees
Banks don't do refinancing less than 100k
Can ask bank for subsidies for these legal stuff haha, and also cannot be within lock in period..
But I still don't know how much we can really afford comfortably haha omg I should have taken finance at sch 😂😂
Decided to use moneysmart to compare bank loans and they linked me to redbrick! It's like some loan consultancy firm but they get their fees from the banks so no comission from us!
Waiting for the guy to call me now.. told him I was free 530-6 but it's 546 and he still hasn't called :(