Your mortgage after selling your Singapore home, and further stories

For PropertyGuru’s news roundup, selling a property in Singapore while having an existing mortgage involves several steps, from settling outstanding amounts to understanding loan redemption processes. In other updates, understanding your credit score is vital when purchasing property in Malaysia, as it determines your eligibility for a home loan and the terms of financing. Lastly, certain regions in Australia are currently attracting interest from investors and first-home buyers due to affordability and potential for growth.

What happens to your existing mortgage when you sell your property in Singapore?
Selling a property in Singapore while having an existing mortgage involves several steps, from settling outstanding amounts to understanding loan redemption processes. PropertyGuru Singapore explains that upon selling, the proceeds are first used to pay off the remaining mortgage, after which any CPF (Central Provident Fund) funds used for the property must be refunded, along with accrued interest. The timing of the transaction and communication with your bank are crucial to avoid penalties.

18 essential facts to know before buying a house in Malaysia
Understanding your credit score is vital when purchasing property in Malaysia, as it determines your eligibility for a home loan and the terms of financing. iProperty’s CTOS Report highlights that a good credit score not only improves loan approval chances but can also help secure better interest rates. Prospective buyers are advised to check their CTOS report, maintain a low debt service ratio, and be mindful of credit card spending. According to iProperty, these factors are critical in navigating Malaysia’s competitive property market.

Investors and first-home buyers in Australia know how to find a bargain
Certain regions in Australia are currently attracting interest from investors and first-home buyers due to affordability and potential for growth. PropTrack reveals that suburbs with median property prices below AUD500,000 remain popular among buyers looking to enter the market. Areas like Adelaide’s northern suburbs and Queensland’s regional centres are gaining traction, thanks to their relative affordability and solid infrastructure.

The Property Report editors wrote this article. For more information, email: [email protected].