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Home > Loans > Home Equity Loan
If you have built substantial equity in your home, a home equity loan allows you to exchange a part of that equity for cash. The fact that you can borrow cheaply at normal home interest rates and loan duration, makes equity loans an attractive option for freeing up cash.
Equity loans are commonly used for:
So much so, it can be tempting to take advantage of its availability and draw money for unnecessary purchases while debts pile high against one of the most important assets in your life – your home.
Before making a decision to tap equity, it’s wise to understand how it impacts your financial planning.
Not understanding the fees involved before taking a home equity loan.
If you reside in an area where home values are stagnating or depreciating, be aware that this will affect your home equity and in some instances, there might be a margin.
If you plan to purchase another home or obtain financing in the near future, take into account that an equity loan increases your debt-to-income ratio, possibly affecting your ability to secure new financing (always plan out your equity loan with a qualified professional).
Not properly utilising your loan. Always ask for advice when embarking on a home equity loan. If you would like unbiased, professional advice, just speak with us.
Taking up an unsecured credit card or personal loans at very high interest rates, when there is a cheaper home equity loan alternative.
Allowing interest to compound. Be aware of your outstanding loans, an intelligent homeowner leverages loans to their advantage and does not get overwhelmed with compounding debt.
Avoid these mistakes by getting expert advice today!
At EasyRates, we understand the importance of freeing up extra cash with a home equity loan.
We also know that this is a big decision and want to assist you with taking this step by giving you the knowledge, tools and resources to make obtaining your home equity loan a smooth, straightforward process.
We will provide you with as much (or as little) help as you want – whether this means simply giving you access to a suite of valuable tools to help you make an informed decision, or holding your hand and guiding you each and every step of the home equity loan consideration, shortlisting and selection process.
With an ideal home equity loan, you can take up a term loan against your property (using the cash to upgrade and improve the value of your home, or for other important expenses) at very low interest rates.
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If your home has been fully paid for, you can tap into its value with a home equity loan. Meanwhile, term loans allow you to tap into the value of your home, even if you are still making payments for it.
We will provide you with as much (or as little) help as you want – whether this means simply giving you access to a suite of valuable tools to help you make an informed decision, or holding your hand and guiding you each and every step of the home equity loan consideration, shortlisting and selection process.
With an ideal home equity loan, you can take up a term loan against your property (using the cash to upgrade and improve the value of your home, or for other important expenses) at very low interest rates.
With cash-out refinancing, you may borrow up to 80% of your private property’s (HDB flats are not eligible) current valuation, minus your remaining loan amount and CPF owed. While your home’s current valuation is determined by the loaning bank, you can rest assured that we will help you find the best valuations and lowest interest rates in the country.
Banks will be agreeable to lending you more money if the value of your property appreciates significantly, as your home is used as collateral. This is one way of freeing up cash at a low prevailing mortgage rate (this cash can then be used for investments or other purposes).
Home equity loan tenures are usually 75 years minus your present age, minus the total number of years spent servicing your home loan. Tenure is capped at 35 years. Do note that this is subject to the lending bank
For a quick estimation of the amount you can borrow with a home equity loan, use this formula: (80% of your property’s current market value) – (Any outstanding home loan amount) – (Total amount of CPF funds used plus accrued interest) = Estimated home equity loan amount. Do check with your lending bank for a confirmed figure.
This is dependent on your chosen bank’s revision of their interest rates. Use our convenient Loan Comparison Tool to compare loan offers from banks across Singapore and select your preferred lender.
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