Because your house is used as security, home equity loans in Singapore often have lower interest rates than other types of credit because the risk to a bank is smaller than with an unsecured loan. You will save money with a lower interest rate, and the interest you pay may be tax-deductible.

Home equity loans in Singapore are a simple method to free up extra cash at a low current mortgage interest rate, allowing you to expand your investment portfolio, establish a business, or deal with a financial emergency.

Due to their competitive interest rates and associated tax advantages, home equity loans are a simple method to fund nearly anything, including home renovations, buying a car, education, purchasing a second property, or consolidating higher interest rate debt.

An equity loan allows you to borrow money against the value of your fully paid-for house. With a term loan, you may do the same thing with a property that is not completely paid off.

With a home equity loan, you can borrow up to 80% of the value of your home.

Depending on the intricacy of the loan, alternative financiers like us can finance a loan request in 7 to 14 days upon verification of your documents, but a standard bank loan might take up to 30 days.

Term and home equity loans normally have tenures of around 5-30 years depending on the lender and its repayment options. Banks, on the other hand, may calculate tenures differently.