You may want to consider a mortgage-reducing term assurance policy to insure against the possibility of being unable to repay the loan as a result of death or total and permanent disability. Check with your bank as it may offer this at a special discount to clients with existing housing loans, together with other carrots like free valuation and paying for your legal fees.

Note that there are loans for completed properties as well as properties under construction. Also, how long you decide to hold on to your property will determine the kind of housing loan and the bank you should pick. The 14 banks and finance houses here offer several schemes and charge about 5 - 7 per cent a year on housing loans. Some banks and finance companies may offer separate rates, one for completed homes and another for those yet to be built.

Remember that the cheapest and best loan is often relative, depending on your needs. Do check other elements as well. While most banks give free legal advice, valuation and offer bridging loans, the perks may differ in content and value.

Finally, do watch out for the penalty charges for early redemption of the loan. Consider banks with low penalty charges as it would give you more room to manoeuvre should you want to bail out.