Mortgage Loan

The main source that you can get mortgage loan from is the bank. For overseas property, you may want to utilize their local banks for the loan as those banks in Singapore won't allow you to pledge overseas property for their loan.

For HDB, you have the choice of taking it from HDB itself, which charges a flat rate of 2.6% per annum. As for the various banks, they normally charge a fix rate for like 1-2 years then they will increase the rate for the rest of the loaning period. And that's when you know it might be time to re-finance your loan or re-price your loan. For the difference between refinance and reprice, please click here.

Interest rates varies from bank to bank. So far from my analysis, UOB seems to be offering the best interest rate and Standard Charted has a unique feature of offsetting your interest with the cash that you keep with them. It sounds a bit strange but you may want to find out more and see which works better for you.

And for places like geylang, you can't get a loan from Standard Chartered or OCBC. So that's quite a lot of factors and stuff that you may want to consider before taking up a mortgage loan. Whatever you do, think twice and do a basic research before taking up anything. :)