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Singapore Home Equity Loan

Remember the day when you bought that dream house of yours? Never did you think that this house of yours can help you to get lump sum of money for any financial requirements that you might have, be it for major expenses such as medical bills, home repairs or college education. Wondering how? Well the equity in your home can be used as collateral for borrowing a lot of money. This equity consists of any funds that you’ve invested for the purpose of improving or owning the house.

A Singapore home equity loan is a secured debt because it is a debt against the property that belongs to you, which you actually own! However just because you can get loads of cash easily does not mean that you should misuse this Singapore home equity loan because failure to return back the borrowed money can lead to selling off your house, if the need arises.

If you are looking to borrow a Singapore home equity loan, then you can make your choice from the loans that we offer. Our home equity loans are of two types: one with a fixed rate mortgage and the other with an adjustable rate mortgage. Whether you require money for home repairs, debt consolidation, payment of medical bills or college fees, we can help you get a home equity loan that is safe for you and your house!

If you are new to this and you don’t understand any of the Singapore ‘home equity’ jargons then let us help you out by explaining some of the basics of home equity loans to you. First off, what is home equity? This can be defined as the un-leveraged value of your house. In order to calculate this amount, you’ll have to subtract the total mortgage debt balance from your home’s total value. Home equity is not a fixed amount though, it changes from time to time, just like your property value or mortgage debt balance.

So now that you know what home equity, how do these Singapore home equity loans work? Well in order for this type of loan to work, you should be able to use the home equity of your house as collateral. In simple words, it means that we should be able to extend credit to you based on a lien on the house that belongs to you. As mentioned above, failure on your part to pay the home equity may result in foreclosure.

Now for the next question, how much can you borrow? Well we can offer you as high as the value of your house! You can also calculate how much you can borrow by multiplying the value of your house by 80%, after that you have to subtract your first mortgage balance from the figure obtained.

Now that everything is clear to you, if you decide to go for home equity loans then contact us, because we would be able to help you out in the best possible manner. We have comprehensive solutions to all your problems regarding loans. Whatever your needs, let us know and maybe we just might be able to provide you with the solution you’ve been looking for!

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