Total Debt Servicing Ratio (TDSR)

5 Questions For Yourself Before Upgrading To A Private Property In Singapore (Condominiums & Landed Properties)

The long-term goal of many Singaporeans is to become the proud owner of an individual piece of the home property. To precise, a condominium or a landed property. Singapore is known as the Little Red Dot. This means that land is scarce. Singapore’s housing is known to be super expensive and it costs at least $1 million to own a condominium or a private property. Compared to Malaysians or Australians, most of the citizens in Singapore live in HDBs. However, with hard work and self-improvement, investments or perhaps starting their own business, some of us may be able to afford a landed property. Areas such as Serangoon, Bukit Timah, Sixth Avenue, Hillview, Orchard and Marine Parade are areas known for their expensive properties. If you already own an HBD flat, it could be the right time for you to upgrade to owning your own private home. However, before you embark on this upgrade, there are some critical questions that you need to ask yourself. Some of these are outlined below. 1. Have you fully paid off your current mortgage? The funds that you receive when you sell your HDB flat should be first used to pay off any outstanding amount that you owe on the loan of the house. If any amount was borrowed from your CPF account, it should be repaid in full together with any amount of accrued interest. If the amount that you receive from the proceeds of the sale of your HDB flat is less than your outstanding loan, then you will need to top up the balance in cash. However, if the amount that you receive from the proceeds of the flat is more than the amount you have outstanding on loan, then you will remain with the other balance. Should you require funds to upgrade your home from a HDB to a condominium or private property, Lending Bee’s Bridging Loan may be able to help. 2. Do you satisfy the eligibility requirements? Before upgrading to owning a private home property, there are specific requirements that you will need to meet. Firstly, you will need

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4 Steps To Take Before Taking A Housing Loan In Singapore

Singaporeans buy a lot of things in their lives but buying a house is probably the most expensive purchase we will ever make. There are many options to choose from where housing loans in Singapore are concerned. This does not mean that making a choice is easy. One must sift through the various options, carrying out comparisons until they find the best fit for them. In truth, most people can find the process overwhelming. The financial commitment is the biggest one they have ever made and they do not want to make a mistake. As such, they try to ensure that they do everything right. Here are some steps to take that can help anyone looking for a mortgage make the right choice. Step 1 One should start by assessing their current situation. Prior to looking into the various loan options available, one should consider their current circumstances by considering the following factors: Ideal price range – Since the payments one will be making every month towards the mortgage are dependent on how much the home costs, one should use a mortgage calculator to figure out the home they can afford. This will generally be a price range and not a specific figure. Financial health – It is important to consider one’s current financial status. This includes considering how much one has in savings that can go towards a down payment, credit history, current debt load, income and the like. Of course if one has a high credit score, then he or she will most likely get better interest rates. Additionally, if one has lots of savings that can go towards the down payment, he or she will end up paying less on overall interest. Basically, private banks in Singapore offer mortgages with lower interest rates. Future plans – If one is looking to rent out the home, or will be moving a few years later, he or she must consider this and how it will affect mortgage payments. In the same breath, a person planning on living in the house for a long time may be able to look

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7 Essential Things To Know Before Taking A Loan

You might currently find yourself in a temporary financial knot and require a personal loan to get you through. However, before taking out a personal loan, there are a few things to take note of. Once you have made up your mind to take out a loan, the next step is to find the right financial institution. Most people go with the closest financial institution they can find, but this often leads to mistakes that could have easily been avoided. Here are 7 things that one should know and consider prior to taking out a loan that can prevent common mistakes made by borrowers: 1. Get A Loan That Suits You Best Once you have taken out the loan, the decision will affect your life for the duration of the loan. Therefore, it is imperative that you shop around and get a loan that is most suitable to your current situation.  The idea is to look for competitive rates, and packages that are flexible enough to handle the ups and downs of life. You should look across the lending landscape considering credit unions, traditional banks, and licensed moneylenders. Review their eligibility requirements, what types of loans they offer, interest rates, terms and conditions and the like. Considering their reputation is also very important because nobody wants to work with an institution that has a bad name. At Lending Bee, you can be assured that you will be getting one of the best loans in the market. As a licensed money lender under the Ministry Of Law, Lending Bee not only offers our customers with friendly interest rates and flexible loan tenures, but we also pride ourselves for being active listeners to our customers. Based on the needs of our customers, we will pick out a loan that is best suited for them. 2. Take Stock Of Assets This comes into play when you are considering taking out a loan that requires collateral. Personal loans can be offered with collateral or without. Secured loans tend to have lower interest rates and monthly payments, or they may be offered to someone who

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