Author: iMoney - Singapore

Understanding The Basics Of Housing Loan In Singapore – Part 2

The higher your income, the easier it is to obtain a house loan from the bank. So here is a continuation to Understanding The Basics Of Housing Loan In Singapore – Part 1. In Part 1, we have explained some important terms that will help you make sense of housing loans in Singapore. Let’s start off from where we left and talk about how much you can / should borrow for your dream house. How Much Can I Afford? As long as you satisfy some key criteria, banks will generally lend you up to 80% of your house’s value. In...

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Understanding The Basics Of Housing Loan In Singapore – Part 1

Buying a house is an exciting event. It will probably be the biggest investment you will make in your life Buying a house is an exciting event. It will probably be the biggest investment you will make in your life. If this is your first time buying a house, it  might struggle to understand of all the information banks throw at you when you need a home loan. Here at iMoney, we LOVE breaking down complexities into simple bite sized chunks. Here is a simple guide to help you understand how a housing loan in Singapore work: Two Common...

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How To Choose A Personal Accident Policy That Is Right For You

Generally, personal accident policies do not cover people who could be argued to be ignorant and those who willfully expose themselves to danger. There are a variety of Personal accident insurance policies available in Singapore. However the terms of these policies vary a lot as compared to other insurance policies. In contrast to a basic life insurance, a personal accident policy does not cover death due to natural causes. Generally, personal accident policies do not cover people who could be argued to be ignorant and those who willfully expose themselves to danger. However, the amount of coverage is generally...

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Standard Car Loan Procedure In Singapore

What takes place in the event you purchase a vehicle in Singapore Are you asking how a car loan works in Singapore? The standard procedure of getting a car loan may seem to be thorny and complicated at the beginning and may even discourage most people. The fact is applying for a car loan in Singapore is simple and plain if you only have the necessary information on how it really works.  Here are some basic elements that will facilitate you in the field of car loans. How to Apply for a Car Loan What takes place in the...

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Advantages Of Getting A Car Loan In Singapore

Obtaining a car loan in Singapore provides a lot of benefits especially in occasions in which you don’t have the financial resources Still hesitant about getting a car loan?  Let me help you make the final decision by pointing out the advantages and disadvantages of a car loan.  Obtaining a car loan in Singapore provides a lot of benefits especially in occasions in which you don’t have the financial resources to purchase in cash the car you really want. Nevertheless, it is only correct and reasonable to be completely conscious and aware of the consequences and to be prepared...

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How To Obtain A Car Loan In Singapore

Starting a car loan is considered the most easy way to get hold of the car you really want Will a car loan help you deal with the usual troubles of everyday life? Yes, indeed.  With the current global crisis, buying a  car in Singapore may appear to be complicated or impossible for some people, especially if you have to pay it with instant cash.  For this reason, starting a car loan is considered the most easy way to get hold of the car you really want.  Even other individuals who might have the means to buy a car...

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Common Problems Related To Hire Purchase In Singapore

A hire purchase that covers vehicles in Singapore is an agreement drawn up to rent a vehicle and to buy it soon after A hire purchase that covers vehicles in Singapore is an agreement drawn up to rent a vehicle and to buy it soon after. If you come into a hire purchase agreement, you therefore give your consent or you agree to hire the vehicle until you have completely settled what you owed to the bank or financing company. At this point you might be asking, “how can I know whether my hire purchase application falls under the...

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Guidelines For A Hire Purchase Agreement In Singapore

there are lots of important aspects you need to know in relation to a hire purchase agreement Are you planning  to get into a  hire purchase agreement and you just cannot figure out how it works?  If you are a citizen or a permanent resident in Singapore, you can stipulate a hire purchase agreement provided the total value of the vehicle you want to buy does not exceed $55,000 (excluding the cost of the certificate of entitlement).  If you are a foreign resident in Singapore, you can also enter a hire purchase agreement provided you have a local guarantor...

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The Inner Workings of Credit Cards

Singapore’s majority cannot survive without a credit card Singapore’s majority cannot survive without a credit card, yet most of us don’t understand how a credit card works. This post is dedicated to explaining the working principles of a credit card. What the word credit card means? These are famously (or infamously, depending on your experience using credit cards) defined as “plastic money”. It enables the user to spend the money without actual cash in hand. Credit cards come with a pre-approved credit limit from the bank and this limit indicates the amount that the bank can lend you for...

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Things should ask yourself before applying your first credit card

Credit card requires great management of your personal finances Getting your first credit card can be thrilling. This magical card allows you to spend the money which you don’t have yet. Can’t get any better than that, right? Hang on, before you get your hands on one, ask yourself these questions, particularly if you want to avoid landing in too much debt, too soon. What is the purpose of your credit card? “Because I can buy anything I want without paying for it first” is a dangerous stance to take, and may just be your first mistake when paying...

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5 Universal credit card mistakes

Most of the time, credit cards can be hugely beneficial, as long as you understand and follow some cardinal rules, while avoiding making crucial mistakes. Many people hesitate to use credit cards because they fear ending up in debt. This can  happen, but most of the time, credit cards can be hugely beneficial, as long as you understand and follow some cardinal rules, while avoiding making crucial mistakes. Here is the list of 5 credit card mistakes almost everyone makes Mistake #1: Not analyzing your credit report Personal credit reports are like report cards to banks. It is your...

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Comparison between Debit cards and Credit cards – Part – 2

It is a good mechanism of self control if you constantly find yourself in debt as it allows you to spend only based on what you have. In part one of this series we explained some basics about debit and credit cards: how they work and some fundamental differences Let’s move further and analyze the benefits and drawbacks of debit and credit cards. Benefits of debit cards There is no question of liability in case of debit cards as the money charged to the card is deducted directly from your savings bank account. It is a good mechanism of...

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Rules to Live By When Shopping Online With A Credit Card

Getting a credit card is the easy part; tracking all of them may be a little more difficult Online shopping is exciting and handy, if you don’t constantly max out your credit cards and leave yourself with bills you cannot pay off at the end of every month. If you’re an online shopping enthusiast with no financial discipline, follow these tips to avoid debt trouble. Limit the number of your credit cards you use to one or two Getting a credit card is the easy part; tracking all of them may be a little more difficult. Choose one or...

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5 Easy Methods To Earn A Higher Credit Score

Having a good credit score opens doors as far as securing future financing A good credit score is the only chance you have to show banks and lenders your credibility and ethic as a paymaster. By following a few easy steps you’ll be able to work towards a better credit score. Having a good credit score opens doors as far as securing future financing is concerned, and probably will save you some money simultaneously. Keep reading to learn more! Pay Bills Early or On Time Who doesn’t love receiving money when they are supposed to? Banks love when you...

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Steps To Take When You Can’t Pay Off Your Monthly Minimum Balance

Occasionally we overspend. Maybe you had a financial emergency and needed to make a large purchase/ payment. While it’s never wise to spend more than you can pay monthly, it does happen, sometimes within circumstances outside our control. Here are some ways to go about dealing with the non-payment. Talk to your Bank as Quickly as Possible Bankers are humans too! If you have been a good customer and have a history of paying on time, you can assure them this will only happen that one time. If you can, pay any possible amount towards the balance as a...

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