We have received numerous emails and questions from customer who want to get the best home loan in town.
But, the question is Do you know what consist of the best home loan?
Most customers will answer the lowest interest rates… Is this the answer for you too?
Ok, I know interest rates are important. There always other things which more important than interest rates…which is Loan Approval. Let me explain why.
ABC Bank may offer the best deal in town. Let said, they are offering BLR-2.50%. And of course as a customer, you would definitely want to grab the offer. So, you applied. 2 weeks later, they said. “Sorry sir, your loan had been declined by our management for whatsoever reason.”
2 weeks passed, if you are buying from agent or owner. You get caught in the situation because you have 14 days to sign the SPA and yet to get the bank loan approval.
Now you have to re-apply for 2nd or 3rd best banks which may offer BLR-2.30% or 2.40%. Sad part… it will take another 1-2 weeks for approval.
We always highlight to our customer Interest Rates is important but is not as important as Loan approval. You must have loan approval first before negotiate for better rates. This is truly to safe guard yourself.
Housing loan is a long term commitment, it’s take 10, 20 , 30 or even 40 years to finish servicing the instalment. So, it is important to choose the most suitable housing loan, you must know which housing loan product works best for you.
Sometimes, when bank offering a good rates, you have to look at other terms and conditions in the letter offer. So, what to watch out in the letter offer? We are only able to shares some general information. You need to look at the interest rates, penalty period, penalty fees, late payment, the product feature, hidden charges, processing fees, any top up on the lawyer fees and so on…
One great Salesman told me this, “ KFC will never said McDonald serve the best burger, so do McDonald will never said KFC serve the best and delicious Fried Chicken in town. They only focus on their product. What they have, they served you. They will never mention things they don’t sell or compliment their competitor.”
Same goes to the banks, the banks will only sell their product. They will never mention about others.
We are the one need to be Smart consumer and choose the best deal out of the offer given.
If you need further information or have enquiries on housing loan, please go to contact us today.
We will try to help you.