Buying a new home can be one of the single greatest step or decision that anyone can make in his/her life.
Buying a home means a lot of things and a lot of thought is placed on home costs and finances before any purchase.
BSP home loans offer great advice and deals on home loans as highlighted by BSP general manager retail banking Ravindra Singh below.
Q: What are some advantages of taking home loans?
A: Owning your own (dream) home is an investment of a lifetime and for a vast majority, it’s impossible to buy a home without a mortgage.
That’s why, at BSP, we have empowered our experienced staff to assist aspiring home owners.
A mortgage enables you to pay for your own property rather than paying for someone else’s mortgage through a rent. Owning an asset is growing your wealth.
This is an ideal time for first- time home buyers to take advantage of the government subsidy to help with their equity to qualify for financing.
Q: What are the disadvantages of home loans?
A: The advantage of a home loan far outweighs the disadvantages if customers choose a manageable mortgage plan.
The only drawback is the associated risks. While these may be inevitable, we always encourage customers to speak with their personal banker every step of the way.
Different banks have different home loan options.
Q: What advice would you give customers who are trying to get a home loan?
A: First and foremost, communicate your needs and financial position clearly to your personal banker so that a solution is tailor- made to suit you. Without the true and clear information, mortgage plans often mismatch the customer’s need. Be honest with yourself when choosing a mortgage plan and ensure you can afford and maintain it in the long term. Assess the cost and other financial benefits attached to it.
Understand and schedule other costs such as city rates, land rentals and maintenance into your home loan.
Q: What would be some tips for firsttime home loan customers?
A: Do your research, explore your options well and understand the different requirements and be prepared to deliver in order to access the funds.
Seize the benefit of the government subsidy available for you and talk to your personal banker about how you can gain from this boost in your equity. Understand the different types of leases if it’s not freehold property; check the terms and conditions governing it.
Use the government home loan grant while it is available with equity.
BSP offers a term of up to 30 years so the mortgage is spread over a longer period to improve its affordability.
However, customers should try for shorter terms too in order to minimise the term of being bonded to a debt.
Customers choose BSP because of our marketing leading position in banking services and friendly experienced staff to help you with owning your own home.
