It may shock many to know that there are rates as low as 0.2% per annum being offered at certain project showrooms. Many do not realise that rates cannot stay so low forever.
Example:
A $1,000,000 loan for a period of 30 years at 0.2% interest rate will mean a monthly installment of $2,862.38
However,
A $1,000,000 loan for a period of 30 years at 3% interest rate will mean a monthly installment of $4,215.98
Not to say that everyone buying properties in Singapore is reckless. Just saying that there are a few that do not think about what may come when interest rates start rising. Also, they expect the rental market to go strong always.
0.2% interest rate a little too amazing? It's happening in Singapore!
http://www.straitstimes.com/BreakingNews/Money/Story/STIStory_689737.html
Yours Sincerely,
Daryl Lum
(+65) 9009 8731
visit my website @ www.DarylLum.com
read my blog @ www.DarylLum.blogspot.com
