Zero deposit first homes
The prize, for now at least, is the prospect of financing the purchase of at least 1, homes being offered in the year's first two new-property launches. Both banks are slugging it zero deposit first homes with a zero-per-cent spread under their fixed-deposit home-loan rate FHR packages aimed at projects under construction, with no lock-in period and a one-time free conversion for a limited time zero deposit first homes. The effective interest rate from DBS is 0.
Zero deposit first homes are their current FHR rates. The zero per cent spread FHR packages applies until the property project zero deposit first homes its temporary occupation zero deposit first homes TOPwhich is typically in three to four years.
Under DBS's special-promotion package, the 0. Last weekend, some homes were sold at the first new launch of the year at the unit Clement Canopy, a new condominium in Clementi Avenue 1. This weekend, the unit Grandeur Park Residences will be launched.
The development, a five-minute walk from Tanah Merah MRT station, opened its showflat a week ago, pulling in some 10, people.
She told The Business Times on Monday that the special promotion is for all projects under construction, and represents the first time DBS is selling home loans at zero per cent spread. Its promotion ends on March 6; meanwhile, UOB is understood to be reviewing the expiry date for its zero per cent spread deal.
Some bankers say zero deposit first homes that offer such rates are selling at a loss, unless they are able to cross-sell other zero deposit first homes such as mortgage insurance as well. Ms Tok noted that the market has been zero deposit first homes casino online listing Q3 last year, so such special promotions for the first launches of the year will generate interest.
A UOB spokeswoman, asked about the price war, replied: DBS has been aggressive in going after the home loans market. It is the current market leader with nearly 29 continue reading cent market share, up from 25 per cent in Ms Tok said that when the bank launched the FHR package in Aprilno other bank had such a deal; banks were then selling home loans based mainly on the three-month Sibor Singapore interbank offered zero deposit first homes or the SOR swap offer rate.
For almost two years, DBS had the field to itself, as no other bank had similar offerings. The market took to the idea, and DBS began attracting refinancing customers from its rivals, and new customers as well. Ms Tok said DBS had a few factors going for it in the race to become the market leader zero deposit first homes home loans. The timing was right, people were concerned about rising interest rates and more homes were being sold, she said.
Today nine in 10 customers take the FHR package, she added. Data from the Urban Redevelopment Authority showed a 16 per cent jump in private residential transactions in to 16, units.
UOB, which began fighting back in the second half of last year, is now the market leader for new home loan sales, at about 31 per cent, UOB chief executive Wee Ee Cheong said this month when the bank released its Q4 results. As to OCBC's being the third-largest home-loan bank, Koh Ching Ching, head, group corporate communications, said the bank is a leading home loan player. Today, we offer a range of pricing options, customising packages on a case-by-case basis," she said.
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