Asked by Anonymous
Hi Guru, I understand that generally interest-only mortgages are generally only available short-term (1-3 years) before conversion to a standard principal-interest mortgage, subject to special consideration by the banks.
But is it possible to obtain a long-term interest-only mortgage in Singapore?
For example, a $1,000,000 interest-only mortgage with a fixed interest rate of 5% for 30 years, whereby there is a $50,000 annual interest payment, with the $1,000,000 only being paid back after 30 years.
But is it possible to obtain a long-term interest-only mortgage in Singapore?
For example, a $1,000,000 interest-only mortgage with a fixed interest rate of 5% for 30 years, whereby there is a $50,000 annual interest payment, with the $1,000,000 only being paid back after 30 years.
257 views
