Monday, July 20, 2009

Housing Loan

With curent economic situation, mortgage rates are at its lowest. You can take up a Fixed interest rate or a Floating interest rate martgage.


Items that you must make sure before signning up a package to ensure a good deal is as below, besides the interest rate itself.
1. Fixed or Rising interest rate. (Fixed means constant monthly repayments regardless of current interest rates)
2. Is interest Daily Rest calculated (Save even more on interest)
3. Allow you to pay more whenever you want. (If you pay more than the normal set amount, the faster and less interest being charged)
4. No penalty for early settlement of the loan.
5. Does the package offer Zero Entry Cost (No fees, etc charges when sign up)



Below is the fixed rate package offered by ING on Julu 2009. A rough breakdown of Installment and Requirements.



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