A quiet Chinese New Year has just passed, New property launces are starting to come to live. GEMS residences, Clement Canopy, EC Inz Residence, Grandeur park and many more are all launching.
DBS and UOB Starts new launch Home Loan Price War
Many launches now and now adding OIL to fire, Cheap home loan rates, maybe this time we can really light the property market “Fire”.
DBS and UOB launches 0.6% and 0.65% rates for BUC new property launches
As at 24th Feb 2017 evening, DBS and UOB launched their respective home loan rates at 0.6% and 0.65% for the first 4 years.
DBS requires you buy their mortgage insurance while UOB does not force you to buy their mortgage insurance.
Comparing New Launch Home Loan from DBS versus UOB
DBS has a penchant for bundling their home loan rates with mortgage insurance, this is an annoyance for those who have no intention to taking mortgage insurance, moreover they are deprived of choice of mortgage insurance from the market place. Many people may not qualify for Mortgage insurance as there will be troublesome health checks and some people with pre-existing conditions may not pass the test.
Those who want choice would definitely choose UOB who gives you a choice of whether to buy mortgage insurance. Many people who have already got a level term insurance plan may not need to overly insure themselves would find the UOB package attractive.
Here is a low down on the 2 packages.
Table 1: New Property Launch Home Loan Rates – DBS versus UOB
So in short, you will have interest rates that are only 0.6% or 0.65% for the 1st 4 years, until TOP.
If you have just picked up your Option to purchase or Sales and Purchase agreement from the New Launch showroom, quickly apply here, there is an extra $100 voucher when you apply here, offered by our partners.
Apply BUC Home Loan here through us and get $100 voucher* offered by our partners, Limited time offer until 06 Mar 2017
It is too early to tell if other banks will join the fighting ring, but it is safe to say, they will need a few days to decide if they want to compete. And when they do, I expect them to match, rather than beat these rates.
Buying a House in Singapore has never been so attractive for as long as I can remember, will cheap home loans lead to more property sales? What do you think?