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Personal Banking Lecture 4&5: Housing Loan Part 1 (Before loan…
Personal Banking
Lecture 4&5: Housing Loan Part 1
Before loan approval
Property Type
HDB VS Private
Completed VS BUC (Building under construction)
Types of Properties Financed
Freehold VS Leasehold (Min 60yrs left)
Eligibility Critiria
R
esidency Status
A
ge
I
ncome
L
oan Amount
Housing Loan Amount & LTV Ratio
1st HL: 80%
2nd HL & thereafter: 30% - 50%
Loan Period
Min 5 years, Max 35 years
Third Parties Fees
Legal Fees
Cost >= $2,500
For conveyancing
Pay by CPF or Cash
Valuation Fees
For valuation
Stamp Duties
Buyer's Stamp Duty
Additional Buyer's Stamp Duty
Seller Stamp Duty
During the loan
Interest Rate
Fixed, floating or variable
Repayment
Usually monthly instalment
Insurance
Fire Insurance
Mortgage Decreasing Term Insurance (Term insurance Life(Cover house))
MISC
Prepayment
Penalty 1.5% of loan outstanding
During lock-in period
Fees & Charges
Processing Fee
Cancellation Fee
Late Payment Fee
Change Loan Tenor
Restructuring