Posted by Deggi 1 year ago In:

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Deggi
Deggi Asked:

How Mortgage loan works in Singapore?

How Mortgage loan works in Singapore? Has anybody taken it? if yes, then as per your experience which  banks are offering best interest rate for loan ?

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Answers

Jimmy
Jimmy Answered:

You get a quote for the property you want to buy, take that quote to the bank and ask for a mortgage loan. Then you and the bank work out a mortgage loan deal, get the lawyers involved..viola! For mortgage loans, I would say POSB? They have a package where for the first 2 years: affordable fixed rate. Then next two years choose to continue with same fixed rate or move to the floating rate. In that way, you are protected  against higher repayments due to rising interest rate.

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