There is no doubt that modern Singapore is an incredible place to live in, one of the brightest and busiest centres of culture and commerce in the world. It routinely ranks among the top 20 richest cities in the world. In 2015, however, Mercer's survey also ranked it among the top ten most expensive cities. Practically speaking, this means if you're considering buying a home in Singapore, there's probably a mortgage loan you'll need in the future.
To the layperson, trying to understand a home loan for the first time is like deciphering a foreign language. Here are the top ten terms and acronyms you're likely to run across as you prepare to take out a loan and buy a home, and what they mean for you.
1.MAS: Monetary Authority of Singapore
If you're a Singaporean, there's a good chance you are already familiar with this abbreviation. The Monetary Authority of Singapore is the country's central bank, and the centre of financial regulation. You'll come across MAS often when reading about home loans, as they set all the rules of lending.
3.Mortgage Servicing Ratio
7.Floating Rate Mortgages
