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hi gurus, i am getting bank loan for my 2nd flat, should i go for maximum tenure and 80% loan, or use cpf to reduce the mortgage? i intend to invest in 2nd property after MOP

also, which loan is advisable? floating sibor with 3 yr cap, or 2 yr fixed rate, or 2+2 fixed?
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2 Answers

Mike Lim
Replied
Morning Chan,

You need to work on alot of figures before we can guide you into the right track.

1) How much is your monthly income and how much bank can loan you?
2) What is the price of the unit that you are buying?
3) How much cash do you have in hand or how much can you accumulate in 5 years time?
4) Are you looking at other forms of investment while waiting for MOP?
5) What is your current age?
6) Ever thought of getting 5 years Fixed rate with DBS, since the MOP is 5 years?

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
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  • RC
    Replied
    thanks

    1. monthly income - 6.5k
    2. valuation 375k
    3. available cash 100k
    4. yes, will be looking at other forms of investment
    5. 38
    6. yes, am comparing between SCB and DBS on the fixed rates package.
Catherine PANG
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It is important to engage an agent to explain and assist you in financial planning and transaction process.
www.catherinepang.com Read More
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