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Author: admin | Category: Loan For Car | Date: 04.01.2014

It goes without saying that a mortgage is a great financial liability; choosing the correct home loan packages will save you both money and mental anguish. Typically, fixed rate packages have interest rates that are higher than a floating rate loan. In contrast, a floating rate loan has its interest rates fluctuating during the entire duration of the loan. During the fixed rate period, the borrower will have certainty over the monthly installment amount he has to pay. During a low interest rate environment, the borrower will have to contend with a higher opportunity cost (best foregone alternative). On the other hand, during high interest rates environment, the borrower will not find himself on the horns of a dilemma. Furthermore, as the financiers need to hedge their future risks by providing you a fixed rate for  several years, the interest rates for fixed-rate packages are usually more costly than for floating- rate.
Obviously when interest rates are low taking a floating rate package beats a fixed rate anytime due to the interest saving.
Conversely, you can consider an interest rate capped loan which safeguards against unexpected spike in rates.
About Property Buyer Mortgage ConsultantsProperty Buyer Mortgage Consultants is a research focused independent mortgage broker.
Having partnered with 13 of the best financial institutions in Singapore, we are confident that we can get you the best car loan deal! Speed Credit is partnered with 15 of the best car insurance companies in Singapore, so really, getting you the cheapest quotes will be a breeze!
Speed Credit Pte Ltd Speed Credit Pte Ltd (Business Registration #200000423N) specialises in new & used car loan in Singapore. Other car financing services offered includes refinancing car loan, COE renewal car loan, commercial vehicle loan and in-house car auto loan. Used Car Dealer Singapore Aside from being a top-notch auto financing company, we have also grown as one of the leading used car dealers Singapore. Licensed money lenders doesn’t have a good reputation with Singaporeans because of the common association with loan sharks. Their reputation is further soiled by the fact that there are loan sharks posing as licensed money lenders in an attempt to lead consumers to borrow with them.

Fortunately, the government has taken steps to clamp down on these illegal activities and constantly revised the Moneylenders Act to include more ways to protect consumers.
This led to a lot of defaults and problems as the borrowers simply could not keep up with the high interest rate. Some other notable changes include limited administrative charges to not more than 10% of the total loan amount, and late fee of not more than $60 a month.
These changes are meant to protect the consumers, but at the same time, providing clearer guidelines for the money lenders to operate as a business.
Money lenders are often compared to banks typically in the way they work, where money lenders often take the more disadvantage position. But if you ever borrowed from a money lender, you will realised that is isn’t true most cases of the negative stories you heard or read. Both banks and moneylenders check your credit history of borrowing from other financial situations. Just like in a bank, you have the right to walk away if the interest rate conditions don’t fit what you are looking for. Don’t be imitated or obliged to take up a loan, once you are inside, always try to find out more information first, and verify every detail. Just to give you a picture of the industry, the number of money lenders have fell about 50% since 2010.
Very often we hear and read about negative news on the licensed money lender industry on hidden fee. All licensed money lenders are also required to ensure they explain the terms and fees to the borrowers. We hope this helped you understand money lenders a bit more, and feel free to let us know if you have any questions! Be it financing or refinancing your home loan, Maybank offers one of the most attractive home loan interest rate packages in Singapore.
However, in Singapore, we only have packages with rates that are fixed for the first 3 to 5 years of the loan tenure. This is most suitable for people with limited financial means who cannot accommodate sudden upswings in their monthly cash-flows. We emphasize a consultative approach where we match our client’s financial situation with the best fit mortgage loan, not simply a cheap loan.

Fill up the form here to receive 5 of the most competitive car insurance quotes in Singapore. This was a huge step in protecting the consumers because there were some licensed money lenders who charge as super high interest rate before the rule came into effect. There are good practice licensed money lender who indeed provide great financial option during time of difficulties. In fact, with the new regulation, moneylenders often charge lesser late fees when compared to the banks. Make sure you understand the regulations governing the industry before approaching a moneylender, and if a deal sounds too good to be true, try to do a search and verified the authenticity. Loan defaults are common in the industry, and such risk explains the higher interest charge which again is now cap at 4% interest rate. This is due to a slew of reasons such as high default rates or changes in regulations that forced some out of business. And all borrowers are to sign document that stated they have understood the terms and conditions from the loan officers. Specifically, the interest rate will be pegged at a discount below the financing institution's board rate or floating rate, which is based on SIBOR or SOR.
Taking a fixed rate package will bring with it a lower opportunity cost and greater financial certainty (at least during the fixed rate period!). For example, a 12-month SIBOR or SOR rates is revised every 12 months, so you get to enjoy fixed rate for a year!
We also help property buyers in their buying process helping them avoid pitfalls from unscrupulous property agents. The banks operate their late fees based on a percentage of your total loans or could be a minimum of $60-80, while the moneylenders have to cap late fee at $60 per month regardless of loan amount. APPLY ONLINE NOWMaybank Online Home Loan Application Campaign For a limited period only, apply for a home loan online to receive S$100 shopping vouchers*. The ABS Guide on Home Loans is available in 4 official languages on MAS and ABS websites and you are encouraged to read it before committing to a loan.

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