Should I take a HDB loan or bank loan for my upcoming BTO?
Is it very troublesome to keep refinancing a bank loan? What are the considerations of which to take? Should I take a longer or shorter loan if I'm comfortable with the repayment amounts?
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Hdb loan due to its simplicity in interest and ease of approval
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Bank loans are currently cheaper. But refinancing may not always be worth it - as you incur a fee if...
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I'm in favour of a bank loan now because interest rates are so low. For reference, I'm paying just 1.8% on my bank loan for my flat whereas the HDB loan is at 2.6%. That's a LOT of difference.
Of course, the risk is that bank interest rates may go up in the coming years but at the moment it's a risk I'm willing to take, given the huge savings.