Housing loans can be a tricky department to fixate your roots in, but if you have a strong decision of making a housing loan successful for your house possession, this tricky department can be easily manipulated with the information that is available all over the internet and through one to one consultancy.
Before actually investing or manipulating loans and investments one should always consult the people who hold expertise in this area since they know this field better and they make sure that people do not get themselves stuck in unfortunate situations that result in them paying a lot more money than it is required.
There are times where hefty penalties are also imposed if some rules, protocols, or applications are violated, and knowing these penalties will help the people to decide better and avoid falling into these invisible traps laid by the fraudulent banks who have no intentions of helping the people but only getting money out of them.
What is the difference between HDB loans and bank loans?
Refinance from hdb loan to bank loan is possible and should be done as bank loans are easier to be paid off since the loans are comparatively smaller in size and people also end up saving a lot of money through bank loans.
Therefore refinancing is the best solution in such cases because it also provides the customer the transparency he or she needs to make future decisions regarding how to pay off the loans.
The most important and the main difference causing aspect between hdb loans and bank loans is the interest rate that is imposed on the loans provided through either of these methods.
The rate of interest imposed on hdb loans is comparatively much higher than that of the bank loans whereas the bank loans compensate this problem by imposing a larger down payment which only leaves space for smaller interest rates and loan size which in return saves a lot of money in the long run.
The refinance from hdb loan to bank loan can be done immediately because the switch from hdb to bank loans can be done immediately because hdb concessionary loans do not have a lockin period or any penalty to be imposed if you even switched between these loans.
Hence, this will provide the people with more room to think clearly about the ongoing situations and how they can manipulate and plan out future ventures when it comes to loan payments.