A mortgage loan is used for the acquisition, renovation, repair or construction of some part of your current property, it is recommended not to allocate 30% of your salary. As well as that suggestion in this publication, we will talk about some others, but previously it is important to do an internal analysis answering the following questions:
Do you really need it?
Acquiring a mortgage loan is an important debt that must be analyzed properly. There must be a strong reason, for example if your home is at risk due to lack of maintenance. Forget questions of aesthetics at home and ask questions like: Is it absolutely necessary to fix that now? Can you make your home look nice if you get into debt? For non-urgent things, you can find other alternatives. With best interest new home loan in Singapore the options are there with the best deals now.
Will your debts decrease?
Never buy a loan if you have not been able to pay another, think with a cool head on issues of economy, if even having other debts is convinced to acquire the loan , a good advice is to merge all your debts into one, in this case in the of mortgage credit.
Will the value of your house increase?
If you are investing in your home, we recommend remodeling or improving something, not buying things to decorate or equip, the point is that your house increases its value at the time you invest your credit, buy a huge screen or smart TV is not an excuse enough to ask for a mortgage loan.
If you answered No to the above questions it is time to reconsider if you really need a mortgage loan. Otherwise, he did respond positively now it is time to look at the following points:
Check before taking a mortgage
- The amount: Sometimes the client does not need a quantity as high as the minimum mortgage offered.
- The interest:You must inform yourself if your interest rate is fixed, mixed or variable.
- Operational expenses: The institution makes a list of procedures to give your credit as they are: notary fees, taxes, appraisal, sketches of deeds, etc.
- Additional products to be hired: Sometimes the institutions have an attractive offer to acquire clients; however they have a cost in disguise. For example, they ask to open a current account, acquire a card with monthly or annual amounts, etc. All these additional products have an impact on your final debit.
Total amount of credit:You must know the exact amount or fees you must pay each month, which includes all taxes, interest and operational expenses. It is your right and duty as a consumer to be well informed about it.
- Important points
- The application for property loans is increasing
- Most banks pay between 60 and 70% of the cost of the property
In the Law of preferential interest on interest are 2% for apartment or house, with a transaction price of up to 100% of the sale price of apartment or house; for independents from 80 to 90% with a term of up to 35 years.Finally, analyze all the options on this credit, compare and choose the one that suits your possibilities.