Purchasing a house or residential property is a major decision in anyone’s life. This is due to the reason that not only is property a lifetime investment but also, it requires substantial amounts of money to purchase. Any house or property purchased can be passed on from generation to generation and will only accumulate value over time. Which is why infrastructure is still considered one of the most secure forms of investment. However, as property rates will only go up in the future, it is not always possible to purchase property solely with your savings. Be it your first house or your next house, it isn’t always easy getting the right financial aid.
The time has come, to put an end to your search for home loans with the POSB HDB Loan. One of the most popular home loans offered by the POSB Bank, this loan features some excellent terms with regards to affordable interest rates, multiple interest rate packages to suit different budgets, flexible term periods, a hassle free process of application, higher savings and many such benefits.
Salaried / Self-employed
with regular income
Earn more than the minimum
EMI limited to about 50%
of monthly income
EMIs of other loans lower
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan
Alternatively add your parents
|Margin of Finance||No Info|
Founded originally in 1877, the Post Office Savings Bank (also known as POSB Bank or POSB), is an offshoot of the DBS Bank, Singapore primarily concerned with consumer banking services. Singapore. POSB was acquired by the DBS Bank in 1998 and since then has focused on providing low cost banking services to its customers. With the highest number of branches in suburban neighbourhoods and ATMs located throughout Singapore, POSB offers a wide spectrum of products and services like deposit accounts, loans, mortgages and cards.
Protect yourself from inflations in interest rates and enjoy higher savings with the POSB HDB Home Loan. One of the notable features of this loan is that it offers loan rates much lower than the HDB Concessionary loan rates, for the first 8 years of the loan tenure. Additionally, this loan is also very stable when it comes to prepayments and does not charge any fee on prepayment of loan. Also, with the DBS Home Loan calculator, it is easy to calculate the loan amount you have to pay each month, so you can budget your expenses accordingly.
POSB offers the following types of home loans to people in Singapore:
POSB home loans and home renovation loans are available at affordable rates of interest. This is to ensure that every borrower can enjoy maximum amount of savings. The interest rates are lower than or capped at 2.5 percent p.a. for the first 5 years for the HDB Loan. The Renovation Loan comes with a lower interest rate of 2.31 percent p.a. and with the Private Property Home Loan you will be offered with suites of packages with floating and fixed interest rates. The interest rates mentioned can be POSB at the sole discretion of the bank. To attain more clarity on the same, please visit the nearest branch or contact the customer support team of the bank
The following fees and charges are applicable for the Renovation Loan:
|Type of Fee||Fee Amount|
|Handling Fee||1 percent of the loan amount|
|Insurance Premium||1 percent of the loan amount|
|Cancellation Fee||1 percent of the loan amount|
|Charges for Prepayment||1 percent of the outstanding amount|
Currently, there are no promotions available with the home loans offered by POSB. However, the bank does offer such promotions from time to time and so keep visiting this page to know about the latest home loan promotions offered by POSB.
The POSB home loans are available for the following individuals:
You will be eligible for this loan if you are:
A good calculator gives you an amortised schedule breakdown after you input your loan amount, tenor and interest rates for a definite period of time, usually at least 5 years. You should know the following things when looking for the right calculator:
• A good calculator shows you your monthly payment depending on your tenure and your interest rate. This also gives you your outstanding principal loan amount at different periods of your loan tenure. Keep in mind that due to the increasing cumulative interest rates, the amount you’ll end up paying will be much larger than the principal due at any time.
• An important feature of the home loan calculators that compare the mortgages in Singapore is that they tell you the updated monthly instalments as per the changes in the annual interest rates.
• Your housing loan principal is the loan amount in case of a loan, and in case you are refinancing a property, it is the outstanding amount in your mortgage refinancing housing loan.
22nd September 2017