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Property Financing
You have made your rounds, did your
sums and set your eyes on a perfect dream home. You now need a Housing
Loan !!
BUT .. you are just too busy and simply cannot find the time or have the
energy to go to each and every bank to check out all the loan packages
available and etc ..
Housing
Loan Made Easy
Well,
we
've got good news for you here !
With
our Loan Financing arranged here, you won't have to go through that hassle again. We have tied up
with all major financial institution and banks in Singapore and put them
into
our website. Thus,
you need not go around hunting and searching for the ideal package or the
best interest rate among these banks; we have linked them all up here. >>
Follow
the 4
Simple Steps below and soon you will be on your way to become a proud
owners of your dream house that you have been eyeing ! Let's go ...
1
Work out your loan and installments estimates with our easy to use
Online
Loan Calculator
2
Just do your
click search here on the best
Loan packages provided by the Banks here;
3
Complete an
easy
form, and the
information that you provide will be sent to your chosen banks;
4
The bankers will contact you with their offers. Choose the best deal and firm up your Housing Loan.
For special requirement or more information on Property Financing or Loans
, please feel free to contact the
Bank officers here.
Frequent
Ask Questions (FAQs)
Q1:
What are the options available to finance a property
purchase?
Q2: As a foreigner, am I eligible for a Singapore dollar
housing loan?
Q3: How much can I borrow to purchase a property?
Q4: What are the charges involved in taking a loan from the
bank?
Q5: What are the documents needed when applying for a
housing loan?
Q6: What are the factors that the bank will consider when
deciding to grant a loan?
Q7: When may I pay off my mortgage?
Q1: What are the options available to finance a property purchase?
There are several ways for a purchaser to finance Property purchases.
Basically, you can either use your CPF and/ or loan from commercial
banks or finance companies. More often than not, a combination of loans
and the buyers' CPF saving is used.
Q2: As a foreigner, am I eligible for a Singapore dollar housing
loan?
Yes, you are entitled to one Singapore dollar housing loan.
Q3: How much can I borrow to purchase a property?
Banks and finance companies can only loan you up to a max 80% of the
purchase price or the valuation of the Property, which ever is lower.
Minimum cash payable will be 10% with the rest covered by the CPF. You
can check by doing a simple calculation based on the purchase price of
the property and your income from
Online calculator here.
Q4: What are the charges involved in taking a loan from the bank?
Every Bank has its own set
of charges and packages, but in general the charges are:
a) Processing fee: for processing a loan application are usually waived
b) Pre-payment fee: for repaying part of or the full loan ahead of
schedule
c) Other charges: valuation fee (usually waived), legal fee (subsided by
Bank), stamp duty payable to IRAS and home insurance.
Note: Most banks will charge
a cancellation fee to the customer for canceling a loan offer after the
Letter of Offer has been accepted.
Q5: What are the documents needed when applying for a housing loan?
Most financial institutions require the following items:
a) Photocopies Passports/ IC of Borrowers
b) Latest CPF statement of account (if applicable)
c) Latest 2 or 3 months computerised payslips or employment letter
or the Notice of Tax Assessment for those self-employed
d) Option to purchase or Sale and Purchase Agreement
Q6: What are the factors that the bank will consider when deciding to
grant a loan?
The main concern for the banks would be whether the borrowers would be
able to repay a loan in future. Most bankers will examine the current
market value of the property (if any); your income; your employment
history; your assets and liabilities; the total equity which you are
committing to the property, and your age.
Q7: When may I pay off my mortgage?
It may be redeemed any time, however, but you may have to pay a fee for
early redemption (the penalty period vary from bank to bank) . The fee
is known as the pre-payment penalty, and is based on a percentage of the
mortgage loan amount or outstanding amount.
Ps : For more information on Property Financing, Investing or buying new Properties in
Singapore, please feel free to
contact
or email us.
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