• UOB Property Refinancing

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    UOB Property Refinancing

    Overview

    United Overseas Bank was established in the year 1935 by a businessman named Datuk Wee Kheng Chiang. Back in those times, the bank was known as United Chinese Bank. United Overseas Bank has its headquarters in Singapore and has a widespread network in almost all the South East Asian countries. Currently, UOB bank is a leading bank in Asia.

    United Overseas Bank offers different financial services that include personal financial services, corporate banking services, asset management services, private banking, venture capital, corporate finance, insurance services and investments. With more than five hundred offices in 19 countries in Western Europe, North America and Asia Pacific, United Overseas Bank offers products that cater to the needs and requirements of the consumers.

    The bank offers several products and services that are innovative and customizable. They are tailored to meet the needs of the consumers. If you want to go for a property refinance, then you could very well choose the United Overseas Bank Property Financing option.

    Why choose United Overseas Bank Property Financing?

    United Overseas Bank values its customers and cares about them a lot. With great products and services they have earned a lot of reputation and goodwill. The refinancing option offered by the United Overseas Bank comes with myriad benefits and perks which can definitely prove to be extremely beneficial for its customers.

    Features and Benefits of United Overseas Bank Property Financing

    • With United Overseas Bank Property Refinancing you can lower the monthly payments you make. There are different methods that you can opt for in order to lower your monthly instalment payments. You can switch between types of the loans, such as moving from a fixed rate loan to a floating rate. You could also choose to extend the tenure of the loan that you have. Please keep in mind that extending the tenure of the loan might bring down the monthly instalments but in turn you will be paying more interest. This happens as you are paying the interests over a longer period of time.
    • You can also pay off your mortgage faster when you opt for refinancing offered by United Overseas Bank. When you are reducing the rates of interest on the existing loan amount, you will also be reducing the interest factor, thereby increasing the principal factor. This in turn will help you clear the loan over a shorter period of time. You could also choose to shorten the schedule of repayment by lowering the tenure of the loan. In this way, you will have to pay higher monthly instalments. However, clearing it out quickly will only save a lot of money for you as you will not have to pay interest over the entire duration of the loan. Even though you pay some extra every month, you will be free from the mortgage way sooner.
    • You can unlock the cash value from the property too. Your property, whether commercial or residential, must be worth more than what you bought it for. Enjoy the appreciated value of the property that you have and do things you want – expand the business that you have, go for a makeover of your house, or take your family on a luxurious vacation.

    You must understand certain things before you choose to refinance your home loan. If you have an existing loan, understand how much of the tenure is still left. Also, determine how long you actually wish to reside in your current home. The idea of refinancing is to lower the monthly instalments that you pay currently, in order to save more money. So, understand if you are saving substantially after refinancing. Refinancing will prove to be a good option for you only when the monthly repayments are lesser after the refinance. Sometimes, there are added costs or hidden charges that are associated with refinancing. Find out if there are any such costs by talking to the bank. Knowing the present value of your property is of utmost importance. Do thorough research and then take a call accordingly.

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