{"id":9050,"date":"2017-02-05T07:46:35","date_gmt":"2017-02-04T23:46:35","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=9050"},"modified":"2022-07-01T04:06:00","modified_gmt":"2022-06-30T20:06:00","slug":"5-costly-home-loan-myths","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/5-costly-home-loan-myths\/","title":{"rendered":"5 costly home loan myths home owners always get wrong"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><figure id=\"attachment_9051\" aria-describedby=\"caption-attachment-9051\" style=\"width: 800px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-9051\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2017\/02\/Home-loan-myths.jpg\" alt=\"Don't believe everything you hear! Some &quot;advice&quot; may just turn out to be home loan myths\" width=\"800\" height=\"373\" \/><figcaption id=\"caption-attachment-9051\" class=\"wp-caption-text\">Don&#8217;t believe everything you hear! Some &#8220;advice&#8221; may just turn out to be home loan myths<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The simple process of taking up a home loan can prove daunting for first-time home buyers. Not only is there complex jargon to grasp, there are many other factors to consider before choosing a mortgage loan that&#8217;s suitable for you. Add on the \u201cadvice\u201d you are going to get from your parents, friends, property agent and banker, and what you\u2019ll get are several home loan myths everyone believes to be true but aren\u2019t.<\/span><\/p>\n<h3><b>Home loan myths 1: Always Get The Loan With The Lowest Interest Rates<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Current home loan rates range between 1.3 percent to about 2.5 percent, depending on the type of rates you choose. Most borrowers tend to focus on getting the lowest interest rates possible because they believe that this will help them save on interest payments. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But do you ever think about why others take up loans with slightly higher interest rates as well? <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home loans come with many conditions, and you should take into consideration the following factors as well, instead of only focusing on getting the lowest interest rates:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">locked-in period \u2013 which will impact future refinancing<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.99.co\/singapore\/insider\/best-mortgage-loan\/\"><span style=\"font-weight: 400;\">fixed or floating rates<\/span><\/a><span style=\"font-weight: 400;\"> \u2013 which can cause fluctuations in the amount you pay each month <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">pre-payment penalty<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Make sure whichever home loan you choose, you are meeting the repayments comfortably each month. Leaving no buffer for emergencies may cause you to be late on your mortgage payments, which in turn, will incur more debt. <\/span><\/p>\n<h3><b>Home loan myths<\/b><b>\u00a02: Two Borrowers Are Better Than One<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Partly because residential properties are so expensive here, most couples end up applying for a home loan as joint applicants. Some also feel that it gives a sense of equality in the relationship as the property is seen as a joint responsibility. But if using one income is enough to help you qualify for a specific loan amount, you might want to think about using one name for the loan only. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is especially true for couples who are considering buying a second property in the future. Borrowing under two applicants restricts you on the loan-to-value ratio. For instance, the bank can lend you up to 80 percent of your home valuation on the first property, and up to 60 percent on the second loan. But if you&#8217;ve just used one name on the first mortgage loan, the other partner can get the second loan at 80 percent loan-to-value. However, be sure that the second borrower must have no other debt obligations in order to fulfil the Total Debt Servicing Ratio(TDSR) criteria. <\/span><\/p>\n<h3><b>Home loan myths<\/b><b> 3: A Shorter Loan Tenure Is Always Better<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Given a choice, most people would try to take up a shorter loan tenure so that they pay less interest. Let&#8217;s look at the difference in interest payable for 2 different loan tenures.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Loan amount: $600,000<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Interest rate: 1.5%<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Loan tenor A: 20 years<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Loan tenor B: 30 years<\/span><\/p>\n<table style=\"height: 365px;\" width=\"700\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\"><\/td>\n<td style=\"text-align: center;\"><b>Monthly repayments<\/b><\/td>\n<td style=\"text-align: center;\"><b>Total interest paid &#8211; \u00a03 years<\/b><\/td>\n<td style=\"text-align: center;\"><b>Total interest paid &#8211; 5 years<\/b><\/td>\n<td style=\"text-align: center;\"><b>Total interest paid &#8211; 10 years<\/b><\/td>\n<\/tr>\n<tr>\n<td>\n<p style=\"text-align: center;\"><b>Loan Tenor A:<\/b><\/p>\n<p style=\"text-align: center;\"><b>20 Years<\/b><\/p>\n<\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$3,860.36<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$33,715.22<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$53,515.75<\/span><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">$93,168.85<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p style=\"text-align: center;\"><b>Loan Tenor B:<\/b><\/p>\n<p style=\"text-align: center;\"><b>30 years<\/b><\/p>\n<\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$2,760.96<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$34,593.39<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$56,008<\/span><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">$103.481.6<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><b>Difference<\/b><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$1099.40<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$878.17<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">$2,492.25<\/span><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">$$10,312.75<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">As you can see from the table above, taking on a home loan with a tenure shorter by 10 years can save you more than $10,000 on interest payments, but it also means you struggle with an extra instalment of $1,100 more per month. <\/span><\/p>\n<p>If you are a high-income earner, this extra amount may not hurt you much, but for average-income families, forking out $1,100 more per month can be difficult. You might want to think about taking on a 30-year tenure first, giving yourself the option to refinance after 3 or 5 years, and making a lump sum payment later down the road should you have extra cash on the side. This presents a much safer choice that gives you some buffer for emergencies.<\/p>\n<h3><b>Home loan myths<\/b><b> 4: HDB Home Loan rates will always be at 2.6 Percent<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">During our parents&#8217; generation, interest rates for a <\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/an-hdb-concessionary-loan-the-need-to-know-guide-home-loan-hdb-home-loan\/\"><span style=\"font-weight: 400;\">HDB loan<\/span><\/a><span style=\"font-weight: 400;\"> was the lowest they could get. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But in the last decade or so, there has been an immense change in home loan rates. Because of the monetary easing policies from the United States, interest rates have been at historic lows \u00a0of below 1 percent, which caused savvy buyers to forego getting a HDB loan. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Yet, there are still those who prefer the stability of a HDB loan because its interest rate has hardly changed, remaining at a stable 2.6 percent. However, do you know that this has not always been the case, and there is definitely a possibility for it to fluctuate.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In January to June 1999, the rates were at 4.41 percent and the highest ever recorded rates were 6.5 percent between 1974 to 1985. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The point is that there is no home loan that is always stable, so borrowers should always keep themselves updated on market trends and look out for <\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/mortgage-refinancing\/\"><span style=\"font-weight: 400;\">refinancing or repricing packages<\/span><\/a><span style=\"font-weight: 400;\"> to help them get the most competitive rates. <\/span><\/p>\n<h3><b>Home loan myths<\/b><b> 5: I Should Use My CPF To Pay For My Property<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">When it comes to paying the downpayment of our new homes, most Singaporeans automatically think of using the money in their CPF accounts. They may feel that it is one way of \u00a0utilising the funds that they have stuck in their CPF account, which can&#8217;t be withdrawn as they wish. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Well, what we forget is that our CPF account&#8217;s main purpose is to save for our retirement. Not only that, money in the CPF Ordinary Account earns you a risk-free rate of 2.5 percent interest. When you use your CPF money to finance your property, you not only incur the opportunity cost of not earning that 2.5 percent interest rate, you will also need to return that amount back to your CPF account when you sell your home one day. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So before you reach into your <\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/cpf-mortgage-payment-house\/\"><span style=\"font-weight: 400;\">CPF account to finance your property purchase<\/span><\/a><span style=\"font-weight: 400;\">, think about the longer term implications on your overall financial situation before coming to a decision.<br \/>\n<\/span><br \/>\n<span style=\"font-weight: 400;\">Taking up a home loan is a huge financial commitment and can have a major impact on your personal finances on a monthly basis. Instead of relying on assumptions and hearsay, it is best to get these home loan myths clarified to safeguard yourself when applying for a home loan. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The \u201cadvice\u201d from your parents, friends etc will give rise to several home loan myths everyone believes to be true (but aren\u2019t).<\/p>\n","protected":false},"author":37,"featured_media":54630,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53593,53589,57131],"tags":[],"persona":[],"class_list":{"2":"type-post","10":"entry","11":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 costly home loan myths home owners always get wrong<\/title>\n<meta name=\"description\" content=\"The \u201cadvice\u201d from your parents, friends etc will give rise to several home loan myths everyone believes to be true (but aren\u2019t).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.99.co\/singapore\/insider\/5-costly-home-loan-myths\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 costly home loan myths home owners always get wrong\" \/>\n<meta property=\"og:description\" content=\"The \u201cadvice\u201d from your parents, friends etc will give rise to several home loan myths everyone believes to be true (but aren\u2019t).\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.99.co\/singapore\/insider\/5-costly-home-loan-myths\/\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/99dotco\/\" \/>\n<meta property=\"article:published_time\" content=\"2017-02-04T23:46:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-30T20:06:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/07\/Home-loan-myths.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"350\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lynette Tan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@99dotco\" \/>\n<meta name=\"twitter:site\" content=\"@99dotco\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lynette Tan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/5-costly-home-loan-myths\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/5-costly-home-loan-myths\/\"},\"author\":{\"name\":\"Lynette Tan\",\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/#\/schema\/person\/e9d47982c42566b324ca8de055cab8b5\"},\"headline\":\"5 costly home loan myths home owners always get wrong\",\"datePublished\":\"2017-02-04T23:46:35+00:00\",\"dateModified\":\"2022-06-30T20:06:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/5-costly-home-loan-myths\/\"},\"wordCount\":1051,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/5-costly-home-loan-myths\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/07\/Home-loan-myths.jpg\",\"articleSection\":[\"Financial News\",\"Home &amp; 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