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A mortgage is a loan taken out for house buying. If mortgage borrowers can't keep up the repayments, the lender can repossess the property and sell it. It is important for mortgage borrowers to review different mortgage offers and choose the one that suits his or her own financial situation. If you are like most people, you are probably too time deprived to do it yourself. Why not try MoneySmart free valuation and application service? It provides you with an array of plans to choose from and you will know the application result in just 9 working days. What's more, you can get up to 1.5% rebate!
Apply for a mortgage through MoneySmart to get an exclusive Extra Cash Rebate! As long as you apply for a mortgage with MoneySmart from 1 August 2020 to 31 October 2020, and withdraw the designated amount of mortgage loan before 31 December 2020, you can earn up to 0.26% Extra Cash Rebate from MoneySmart.
There is no limit for MoneySmart Extra Cash Rebate and will be direct debited into you account after 1 month of Mortgage Drawdown Date.
H plan depends on the capital balance in the banking and P Plan depends on the interest rate changes by the Federal Reserve. H Plan reflects the borrowing costs, so it has more fluctuations. It can increase and decrease in a short period of time. A few years ago, the capital balance in the banking was sufficient and the HIBOR was low, so many applicants prefer H Plan. HIBOR was always low although the capped mortgage rates were higher than the interest rate of P Plan. So it was worthwhile to adopt H Plan instead of P Plan back then. However, HIBOR has increased a lot in recent years and many are using the capped mortgage rate to repay their monthly mortgage. So mortgage borrower can consider choosing P plan.
|Bank of China||H+1.235-H+1.245|
|Bank of East Asia||H+1.24|
|Bank of China||2.375%|
|Bank of East Asia||2.375-2.475%|
|Property types and mortgage||Banks|
|Village House||HSBC/Bank of China/Bank of East Asia/Standard Chartered|
|HOS flats||HSBC/Bank of East Asia/Standard Chartered|
|Public housing||HSBC/Bank of East Asia/Standard Chartered|
|New properties||HSBC/Bank of China/Bank of East Asia/Standard Chartered|
|Old properties||HSBC/Bank of China/Bank of East Asia/Standard Chartered|
|Commercial buildings/ industrial buildings||HSBC/Bank of China/Bank of East Asia/Standard Chartered|
|Parking lots||HSBC/Bank of China/Bank of East Asia/Standard Chartered|