What to bear in mind:
The bank may make you a bankrupt if the sales proceeds from your property are less than the outstanding housing loan and interest payable, and you are unable to repay the shortfall
The two broad categories are:
What's the Difference
a. Changes to Interest Rates
Banks must inform you in advance (usually 30 days) before they change the interest rate on your housing loan.
b. Changes to Loan Terms and Conditions
Banks must inform you in advance (usually 30 days) before they change or vary the terms and conditions of your housing loan agreement.
You will also need to notify the bank and obtain its consent when you seek to vary the housing loan agreement, such as by repaying or re-financing your loan.
Ask the bank what notification is required for any change initiated by you.
Shop Around to Find the Most Appropriate Package
– interest rates
– lock-in period and fees, in particular penalty fees for early prepayment
– cancellation fees
– requirement for Mortgagee Interest Policy
– bank subsidies for fees for valuation, legal and conveyancing services and fire insurance. Note that you must declare all discounts, rebates or other benefits that you receive from the seller or any other party that have the effect of reducing the purchase price of a property such as furniture vouchers and the payment of stamp duties by the vendor on your behalf