Every Singaporean knows that home ownership and debt independence are each other’s conceptual nemesis. Unless you have a multi-million dollar trust fund to bank on, you will be confronted with the justifiably intimidating challenge of buying a home and an unforgiving noose of debt around your neck you must fight out of before the bankers play hangman with you.
Luckily, banks are also committed to financially empowering the financially motivated by giving them a plethora of products and offers to ease their journey. Today, we will give you an overview and in-depth analysis of one such product recently introduced by DBS Bank.
Say Hello to FHR
The freshly launched and heavily hyped fixed deposit home rate package for mortgages is the brainchild of DBS Bank. The fixed deposit home rate (FHR) is influenced directly by DBS bank’s FD rates instead of being determined by the Singapore Interbank Offered Rate (SIBOR).