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Anonymous

14 Nov 2020

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Should I refinance my home right now with a renovation loan and take advantage of low interest rates to remodel and add value to my home? Living with my parents, resale HDB 72 years left. Thoughts?

I think this might be their retirement home, wondering if I should just improve it now and let them live here comfortably?

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Caleb Seah Hua Xiang

14 Nov 2020

It would be better off saving on your own for the renovation that you intend to do for them.

I feel that even though interest rates is low for that, the interest rate is calculated like a personal loan basis.

Meaning if u take 10k loan at 2% interest rate for 3 years.

Your total interest will be $600.

Thus even though you are paying a lower rate, but the effective interest rates is higher...

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I have 1.8 million home loan (0.68% interest rate) & spare cash 500k. Should I partially redeem the loan or any suggestion to use the 500k for other investments to take advantage of low interest rate.

Is MIP (Mortgage Interest Policy) compulsory for all HDB unit? I am taking UOB home loan for HDB resale purchase. Was advised to take MIP from the HDB instead from the bank as it'll be cheaper. Is this true?

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