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Mortgage Loan Guide Manual

Are you looking for a Singapore mortgage loan guide manual? If yes then you’ve come to the right place! We offer you a complete mortgage loan guide manual in order to help you understand mortgage loan better so that you can decide for yourself whether you need such loans or not. Whether you are a foreigner or a Singaporean there’s always the need to purchase a house and in the event of insufficient funds you can always rely on mortgage funds.

Foreigners in Singapore can generally borrow a maximum of 70% of the purchase price of the property, however the figure may vary depending on the credit assessment by the financial institution or the bank. The loan obtained would be in the form of Singapore dollar and the tenure of the loan can be anything from five years to thirty-five years. A low mortgage interest rate would always attract foreigners as well as Singaporeans to lock in the interest rate and to secure a loan.

If you want to purchase a Singapore property and you need someone to act on your behalf then you can always appoint yourself a lawyer who would help you to purchase as well as finance the property. So if you need to make a mortgage loan application for the purpose of purchasing a house then there are certain steps to be followed. Here’s is the complete mortgage loan guide manual given in a step-by-step process:

First off, you’ll need to submit the loan application along with other relevant documents to the bank and then let the bank perform the task of property valuation. Next wait for the housing loan application to be approved by the bank. After the previous process has been completed the bank would instruct the solicitor to get related contracts ready and after that you can go ahead and sign the mortgage loan agreement. Next it would be the job of the solicitor to register the loan agreement after which you can arrange for insurance, fees or any other outstanding amount which you need to pay the developer. Then the loan is disbursed and the buyer can start paying the monthly installments according to the agreed rate of interest. All in all it can be a very simple and straightforward process when one breaks it down into smaller steps.

One of the most common terms that you’d come across here would be cancellation fees and this is nothing but the amount of money which the bank would charge if the buyer cancels the Singapore mortgage loan after acceptance of the Letter of Offer but before the dispatch of housing loan. Another common technical jargon here would be the ‘loan quantum’ which is nothing but the principal amount of money borrowed. The term ‘loan tenure’ means the period of time which the buyer takes in order to fully repay the mortgage housing loan.

Another thing that you could do if you are dissatisfied with the current Singapore mortgage loan is to opt for repricing. Repricing means to switch from one housing loan package to another offer while the lender remains the same.

 
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