3 things to check before committing to a loan

So you think you have a great home loan deals, but soon enough you realise that you didn't get such a great deal after all.  What are some of the things you should pay attention to, to ensure that your deals are indeed a sweet one?

Early Payment Repayment Penalty

Is there a penalty for early payment?  Meaning, should you decide to move banks that offer a better interest rate, will you be slapped with a hefty fine?  Check whether there are early payment repayment penalty.  Without it, we are given the flexibility and the freedom to exercise our choices.

Legal Subsidies

Legal fees in financial loans can amount to thousands of dollars.  Check if your bank or financial institutions offer legal subsidies to help ease your expenses.  Better still if you have lawyer friends who can offer their services pro bono.  Nevertheless, don't miss out on these fees!  Sometimes banks may also stipulate that their subsidies are partially or fully refundable should client terminate the contract prematurely.  It is thus important to look through all the fine prints of a loan contract document before venturing to put your ink on it. 

Set reminders

Banks are known to bet their dollars on consumers who don't check their loan tenure and terms carefully.  As such, make sure that you remember to check when your bank lock in period is over.  The lock in period is the period that early repayment penalty are effected.  This is a period where it is not worth while to move institutions or banks.  

Set a phone reminder to inform you of the terms of the loans and the lock in period.  Be sure to check the market or have your broker inform you of the latest financial development.  This ensures that you are always paying the best loan rates. 


Don't forget to check our full furniture for Singapore collection or some of our favourite collections: Outdoor furniture, dining tables Singapore, sofa singapore, Chinese antique Singapore, Home decor Singapore.

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Flow Dining Table L150

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The sofa compliments the space of my living room well. Not only does it look good but also comfy to sit on! Overall, I am happy with the purchase. Nook & Cranny was most helpful. I purchased the set online and they took the time to contact me and explain (with photos) the height difference between the ottoman and the sofa set which I did not notice. Such professional service!

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The bright colour, pop's up with my grey wall.