Shorter vs Longer Home Loan Tenure: What Is Best For You?
By Seedly • February 5, 2021
I would think that for most of us, the biggest loan we would need to take in our lifetimes is a housing/mortgage loan. And unless you are a Crazy Rich Asian with the money to pay for your home in cash, the decision to take up a home loan is quite straightforward. Source: Saturday Night Live | Giphy But, the next steps are when things get complicated. Housing and Development Board (HDB) loan or bank loan? Fixed or floating rate for bank loans? Which ones to choose? P.S. I would recommend that you read the above guides before coming back to this article. Also, another critical decision a prospective homeowner must make is to choose between a shorter or longer loan tenure. Based on the numbers alone, it would be hard to tell which is the better option. Generally, if circumstances are almost perfect, a...
