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· Take Advantage of Lower Housing Loan Interest Rates! · Contrary to common belief, changing your mortgagee is possible at any point of time. In fact many financial institutions grant legal subsidies to customers to make the change economically attractive. · At the present moment many of our clients who were servicing housing loans at interest rates of 5% p.a. or more are making arrangements to switch to a better housing loan package currently on offer thereby saving thousands of dollars. · You may wish to visit the web sites of the local banks or independent financial portal such as Dollardex to find out and compare the latest interest rates offered by the various financial institutions. · Don't Lose Your Home · If you have taken up substantial term loans and have dependants we would like to suggest that you consider taking up a mortgage reducing policy. This is the equivalent of "HPIS" which HDB flat owners would be familiar with. · Such policies take care of the event where the borrower ceases to be able to make payment of the instalments. The insurers will (subject to the terms of the policies taken up) take over the task of servicing of the outstanding payments. ·
We believe that such insurance policies serve as good
protection for your dependants. They usually cost a few hundred dollars a
year and one should treat the premium payable as part of the expenses of
owning and maintaining · The Wife's Family Gets It All · Have you made a will? Have you underestimated the importance of making a will? Recently, we were posed the following scenario and our answer came as quite a shock to the client. · A childless couple while traveling together on a holiday met with an accident and both of them passed away at the same time without leaving a Will. · We explained that if the exact sequence of death could not be established, the law presumes that the older person passes away first. As such, assuming that the husband is the older spouse, then half of the properties belonging to the husband and all of those held by them as joint tenants would go to the wife. Since the wife had also passed away, the properties she inherited from her spouse, together with her own properties, would be distributed to her parents or siblings since she did not leave a Will. The end result was that her parents get most of the couple's properties leaving very little to the husband's parents. · To find out more about the law on Wills and Intestacy, click here |
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CHARACTERIST LLC (INCORPORATING LIE KEE PONG PARTNERSHIP)
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