Wildy the Journeyman (into_the_wild) wrote,
Wildy the Journeyman
into_the_wild
  • Mood: surprised
  • Music: ABBA - Money Money Money

Home loans groan

I definitely cannot afford an apartment, but took some time to compile the various interest rates that the local banks and finance companies are offering at this current moment. With different schemes and benefits such as fire insurance and nil penalties to early repayment, it is not easy to find the optimim loan package.

And the amount of interest that one pays to the bank for a S$600+K property over a 20-30 year period works out to be S$150,000 to S$220,000! That's a lot of money! That's many months and years of salary.

Food for thought.
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