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Hi Agents,
May I confirm what is the effective interest rate for loans?

I tried to view a resale property and the there is a effective interest rate provided by Citibank and it is 0.96%.

And there is monthly installment repayment.

From what I am aware, the HDB loan offers at 2.6%

Also, I have viewed several properties and there is price indicated. Kindly advise if the price advertised are based on valuation or purchase price.

Many thanks.
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1 Answer

Mike Lim
Replied
Evening Stefan,

Bank interest rate differ, bank to bank, package to package. After the lock-in period, the bank have the rights to increase the interest rate, in accordance with the market rate.
HDB loan interest, however, is fixed, all the way, after you have signed on the agreement.
Advertisement stated for units on sales, may be the valuation or their asking price.
There's no fixed and fast rules to that.

Do feel free to contact me if you require my assistance.

Thanks
Mike Lim
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