HSBC home loan interest rates
The Hong Kong and Shanghai bank was founded almost 150 years ago in 1865 and was primarily financing trade between Asia and the West. Today, the bank is one of the world’s largest banking service provider serving up to some 60 million clients worldwide. It first opened its doors in Singapore in December 1877 and their flagship office remains at the original Collyer Quay premise where it first started. HSBC Singapore provides its customers with a complete range of financial services from personal banking to corporate, investment, private banking, insurance, trustee services and securities and capital market facilities. HSBC Singapore has nine branches and more than ten locations providing self-service terminals.
Some of the renowned awards achieved by HSBC includes being names Number 1 in The BrandFinance® Banking 500 2012, No. 2 in The Forbes Global 2000 World’s Biggest Companies 2011, Winner of Best International Bond House Award by FinanceAsia 2011 and Winner of Best Offshore Renminbi Bond House Award by FinanceAsia 2011. An interesting trivial about HSBC is that you will find 2 lion statues ‘guarding’ the doors of many of their offices. This was a heritage and the belief that the lions typically brought about good fortune kept them as a part of the HSBC brand and heritage.
HSBC provides quite a comprehensive suite of home loan packages, including new home loans, property refinancing, construction loan and a home equity loan.
A) New home loans
If you are looking to buy a new home(under-construction), HSBC provides Sibor-pegged or variable rate loans. The interesting part about their loans is that they have a different rate depending on whether your property is still under construction. For example, if you choose the Sibor-pegged loan, you will pay (Sibor+0/9% p.a) for the first 3 years if your new home is still under construction. Comparing this to if your new home has already been constructed, you will pay (Sibor+1.25% p.a) for the first 3 years, which is 0.35% higher. Their home loan plans are also quite flexible, allowing you to choose between having lock-in or no lock-in periods and whether you would prefer a 1-month Sibor or 3-month Sibor rate.
B) Home Loan packages
HSBC has a home loan called the SmartMortgage, which links your home loan account with a current account. This means that you are able to reduce the interest payments on your home loan by offsetting interest earned on your current account. The key advantage of this type of loan is that the more you save on your current account, the more interest offset you can get for your home loan, translating to paying off you loan in a shorter period of time. This gives you maximum control over your finances and what’s more, you get to choose whether you want a lock-in period, helping you to plan ahead.
C) Home Equity loan
One interesting type of loan provided by HSBC is their home equity loan. If you ever find that you need extra cash for business opportunities or to seize investment opportunities, you can easily tap into the value of your home. You may choose either a term loan or an overdraft facility and the loans similarly offer a variety of interest rate options.
As leading Singapore mortgage brokers, let us get you the lowest mortgage packages for: