Currently, bank loan interest rates are low (about 1.3 per cent is possible), and is likely to stay low in the near future as the Covid-19 recover takes place. If my goal were to sell my flat in five years, I'd take advantage of the bank's lower rates.
If you're staying for the long term though, well there's no guarantee the bank loans will still be so cheap 10 or 15 years down the road.
I'll go for bank loan as the interest is cheaper.
And i'll save up 24 months of my monthly installment should i get unemployed.
Since i have saved up 24 months worth of MI already, i know that i'll not default on the loan.
Thus i'll just go for bank loan since it will be lower installment amount as the interest rate is lower....
HDB loan will be the best as if things hit the fans, they will not just kick you out of your house, ...
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