When you are looking around for the best house loan Singapore that suits you, the natural first thing that comes to your mind would be the interest rates that you are going to pay for the Singapore house loan.
Before you go about deciding that you only want the lowest housing loan interest rates in Singapore, it would help you a lot in your search by having a little knowledge about how housing loan interest rates can work.
Generally, there are 2 types of interest rates. There is the fixed interest rate and the floating interest rate. Fixed interest rates are easier to comprehend for the layman. It basically means that interest rates will be fixed for the life of the mortgage.
Because of the fluctuation of the market interest rates, many people are going for floating interest rates when it comes to their housing loan in Singapore. Depending on the loan package that you decided to take up, the period of housing loan interest rates can vary according to the stipulated terms of the mortgage loan offer.