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About Paul Ho


Paul Ho is the editor of www.PropertyBuyer.com.sg, www.iCompareloan.com and www.SingaporeHomeLoan.net and he holds a Masters of Business Administration from a reputable university. He is passionate about helping people enhance their wealth through financial literacy and in making money work harder for them.

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iCompareLoan Unveils Singapore’s First Cloud-Based TDSR Analysis Tool

| Loan Articles | 04/10/2013

SINGAPORE, Oct. 3, 2013 /PRNewswire/ — iCompareLoan, Singapore’s first Cloud-based Home Loan Report ™ platform, and a leading mortgage consultancy in Singapore, is officially launching Singapore’s first and only online TDSR/MSR analysis tool.


This TDSR/MSR analysis tool is available with immediate effect.

With the introduction of the Total Debt Servicing Ratio (TDSR) and Mortgage Servicing Ratio (MSR) frameworks this year, MAS-regulated financial institutions are mandated to check if borrowers meet the TDSR (private property and HDB) and MSR (HDB only) criteria before any loan can be approved.

Property Buyers are confused with how much they can borrow, as there are too many variables.

Property Owners are not sure if they can refinance their home loans or commercial loans upon TDSR kicking in. Many have opted to do nothing for less trouble and ended up trapped in servicing higher interest costs.

Property agents are not equipped with financial knowledge to help their clients and become helpless in front of their clients.

With www.iCompareLoan.com TDSR and MSR report users will be able to generate a TDSR report in 2 to 3 minutes flat.

It is so easy that property buyers can generate their own TDSR report to know an estimate of how much they can borrow.

Agents can now use this TDSR report to serve their clients instantly (without needing bankers on-site at the showrooms) and professionally without needing a Finance Degree.

“We have demonstrated the beta of this TDSR tool to property agents – their face literally lit up. Combined with the Progressive Payment Home Loan Report + TDSR Report, agents say they will be able to take the initiative and control, rather than frantically call bankers to call their clients to try to facilitate deal closure. Now Agents can run the report themselves and professionally serve their buyers to enhance customer loyalty. Agents will then know the maximum budget and assist property buyers in selecting units within a buyer’s budget.”

Paul Ho, editor of iCompareLoan, says, “We are very pleased to bring this tool to the market to help Property Buyers and Property Agents make informed and faster decisions.”

Article is powered by icompareloan.com (Singapore 1st Cloud-based Home Loan Comparison platform for property agents and owners)

Modern City Life At Onze @ Tanjong Pagar

| Property Articles | 03/10/2013


Enjoy convenient living in the heart of the Central Business District (CBD). At Onze @ Tanjong Pagar, you can live, work and play all in the same area.

This freehold mixed development by Heeton Holdings Limited was rolled out last week, and features retail spaces on its ground floor along with 56 apartments on the 5th to 18th floor. A single block, sitting on a 14,781 sq ft tract of land, will tower over the skyline at Kee Seng Street when the project attains TOP before 31 March 2018.

The ground floor will be dedicated to seven shops measuring between 205 to 581 sq ft and six restaurants of 420 to 646 sq ft. The carpark will occupy the 2nd to 4th storey.

With shops and dining accessible with a zoom of the lifts, residents will find their living experience complete with communal amenities on the rooftop. There they will enjoy a 25m pool, outdoor lounges and dining areas on top of a swanky bar.

Targeting yuppies and executive families, Onze only offers 28 one-bedder and another 28 three-bedroom units, ranging in size from 506 sq ft to 570 sq ft and 1,044 sq ft to1,141 sq ft, respectively.

Within walking distance to Tanjong Pagar MRT station and with easy access to Orchard Road, Marina Bay and Raffles Place, it continues to promise to be in the thick of things when the Waterfront City stretching from Tanjong Pagar to Pasir Panjang is fully developed.

Tempted to be part of the action at Onze? Why not speak to a mortgage consultant for a FREE discussion to plan your finances?

Article is powered by icompareloan.com (Singapore 1st Cloud-based Home Loan Comparison platform for property agents and owners)

Taking Multiple AIP Home Loan Applications: What Are The Dangers?

| Loan Articles | 03/10/2013

Gone are the days when applying for a bank loan is a breeze, thanks to the MAS rules regarding Total Debt Servicing Ratio (TDSR) and stricter lending criteria, especially that clause pertaining to “Proof of Debt”.

What do you mean “Proof of Debt”?

With TDSR set at 60%, which includes housing loan servicing as well as that of other debt, banks are required to enforce these rules set out by MAS.

The burden of proof of debt is on the banks to make sure that they impose these “Proof of Debt” on potential borrowers. As a result, if your credit report shows that you have several credit cards and if one of the cards shows that payment is not made in full, banks will then require you to print out your credit card statements to ascertain the outstanding loan amount. The banks will then use this amount to impute the minimum sum required by the credit card companies to work out the required monthly servicing amount. This monthly servicing amount affects your TDSR score, and, hence, your total borrowing amount.

How to make sure I have a property loan at hand?

If you are buying a new property, you have to make sure that you have a home loan or commercial loan in hand prior to purchase, just before you make your property buying decisions. This is all the more important especially under the TDSR criteria as many people may not be aware of their financial commitments. These property buyers could easily pay their 1% Option to Purchase (OTP) and then fail to obtain a property loan.

Should you apply for an Approval-in-Principle?

Home loan or commercial loan approval-in-principle (AIP) or some call it In-Principle-Approvals (IPA) are a necessary safe guard prior to committing to a property purchase. They are by no means 100% guaranteed, but they do provide a good indication of borrowing ability.

Why do bad mortgage brokers encourage you to apply for multiple loan applications?

Some mortgage brokers suggest that you should apply for one AIP from one bank first. And sometimes even to many banks at the same time. Generally up to three is considered okay. Anything beyond that is bad in our opinion.

These brokers then suggest that once you have the AIP in hand, you can then try to apply for another few bank loans when you make the property buying decision.

This, on the surface, sounds like a fair statement to protect the consumers. But is it really so?

BAD Mortgage brokers use this technique to lock you into the home loan or commercial loan to protect their interests. We will tell you why this is bad for you.

What will abuse of the Approval-in-Principle process lead to?

Let’s put it bluntly, AIP takes away valuable resources from the banks as it involves huge amount of paperwork. By applying for multiple AIPs, this piles on extra workload on bankers, banks, and, especially more so, credit officers in the banks. Credit officers hold a thankless job, which is both stressful and time-pressing. They are also on the receiving-end of abuses and curses from customers (even though they do not meet them, and, in most cases, are not even allowed to meet with front-end bankers).

By abusing the system created to give you some form of safety by wantonly applying to as many banks as possible for AIP, and subsequently not take up loans from the banks is not simply a matter of fairness. This abuse has led banks to reduce or scrap AIP outright. Some banks have even imposed or considered imposing a fee for AIP.

Credit officers are overworked and hold a thankless job and the bank cannot easily find sufficient credit officers to do all the extra workload.

In the end, such irresponsible behaviour will lead to higher cost for consumers.

What do multiple and excessive AIP and home loan applications lead to?

When you make multiple and excessive AIP or home loan applications, each of these applications invoke a “Credit Enquiry”.

According to credit bureau, “Too Many Enquiries” leads to “Marginally Increases Risk” and degrade your credit score.


In Summary

A bad mortgage broker invokes your greediness to take advantage of the system to protect their own commission. They abuse the goodwill of banks, leading to increased costs for consumers.

And worst still, by blatantly making “Too Many Enquiries”, bad mortgage brokers make your credit score worse, demonstrating complete ignorance of credit risks and disregard for your well-being.

You should only apply for an AIP to the top one or two banks that you intend to take up a home loan with after a TDSR analysis.

Article is powered by icompareloan.com (Singapore 1st Cloud-based Home Loan Comparison platform for property agents and owners)

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