Home Loans: All the Crazy Jargon Bankers Like to Use, Explained in Simple English

home loans loan jargon infographic

Sometimes adulting can be really difficult. Especially when we’re trying to get a home in Singapore and we know zilch about the terms used in home loans. All these home loan terms and jargon bankers are using… What if we accidentally sign our life away to slavery?

In the event of a dispute, our chances of wriggling free are probably about the same as a sick snail in a Sumo wrestler’s armpit. In court, we can’t tell the judge we didn’t know what this or that term meant, ignorance just isn’t a legit excuse in the court of law. Here’re a few basic terms that you’ll encounter in your home-buying process and what they mean:

Home loans in Singapore aren’t thaaat tough to understand actually. Our other MoneySmart articles can help simplify things for you so you won’t feel so brain-clogged. For example, this video can help you decide which home loan is better – an HDB loan or a bank loan. The journey to getting your forever home is always a long and arduous process.

There’s the selection of your home which in itself is already a headache to go through, then the home loan approvals, wedding preparations. As Singaporeans, we hardly have time off between our daily chores, work, and errands to see to every detail of our home buying process. It’s okay, we all need help.

That’s where our MoneySmart mortgage specialists come in. If you have any questions (yes really any!) you would like answered in regards to home loans, do feel free to contact us. 

Check out our onsite tools such as the MoneySmart Home Loan Wizard to help you compare and find the best home loan rates in Singapore.