Are you worried about higher interest rates on your home loan?
If you home loan is $500,000 and your bank increase the interest rate by 1%, you have to pay $5,000 more in interest each year. Your bank can continue to increase the interest rate after that, depending on the market condition.
You can protect against higher interest rate by re-financing your home loan with a fixed rate loan. NTUC Income can offer you 5 year loan at a fixed interest rate of 3.99% per annum. This interest rate will not be changed for the next 5 years.
In the market, a bank now offers a 5 year loan fixed at 4.25% per annum. If you take a loan of $500,000 from us, you will save $1,300 a year (compared to the rate charged by the bank).
NTUC Income offers these attractive terms to re-finance your home loan:
- switch to our flexi rate at the end of 3 years.
- free processing and valuation.
- free fire insurance for first year.
- legal fees absorbed by us (for refinance only) *
- payment holiday up to 12 months *
* terms and conditions apply
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