Real Estate Property Agent Singapore

Unless you are a Permanent Resident, you are entitled to one Singapore dollar housing loan. For more information on foreign exchange and cash deposit services in America, Spain, England, Australia & New Zealand contact us.

There are several ways for you to finance your purchases. Basically, you can either use your CPF and/or loan from commercial banks/finance companies. Often, a combination of different types of loans and savings from your CPF is used. From 19 July 2005, the maximum housing loan for private properties and HDB flats should not exceed 90% of the purchase price or valuation of the property, whichever is lower.

Bank Loans

ABN AMRO Bank

Citibank

DBS Bank

dollarDEX

Hong Leong Finance

HSBC

Maybank

OCBC Bank

Standard Chartered Bank

United Overseas Bank

[ more about Using Your CPF ]

Since the main concern for banks would be whether the borrower would have money coming in the future date to repay a loan, your bank will usually 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.

Each Bank has its own set of charges, but generally the following applies:

1. Processing fee: for processing a loan application
2. Pre-payment fee: for repaying part of or the full loan ahead of schedule
3. Third-part charges: for the valuation fee, legal fee (including the fee for the lawyer to act behalf of the bank), stamp duty, and insurance

Others: Some banks also charge for making changes to the original loan application or for canceling a loan offer after you have accepted it.

Yes, you may use a bridging loan, which is a short-term loan designed to tide the borrower over a period when he needs cash. However, because bridging loans are usually available for those taking up a housing loan from the same bank. Some people also use this type of loan while waiting for the release of his CPF funds.

Most financial institutions require the following items:

1. Latest CPF statement for CPF withdrawn under the Residential Property Scheme (for refinancing loans)
2. Tenancy agreement (if any)
3. Latest 6 months to 2 years housing loan statements from current financier (for refinancing loans)
4. Latest income tax Notice of Assessment/ last 3 moths pay slips or the Notice of Tax Assessment for those self-employed
5. Latest CPF statement of account
6. Option to purchase (if any)

 

You have to do so upon completing the transaction of purchasing the property (usually 3 months), subject to a maximum of 6 months.

It is calculated on a day to day basis and is payable every month.

You can apply for a reconstruction loan.

You can use an overdraft to rebuild your property, but a reconstruction loan has a lower interest rate, and you only need to pay for the interest rates on the amount you have used.

It all depends. This is because you must take into account the pre-payment penalties involved in redeeming your mortgage earlier than the maturity date. Therefore, you have to compare the monthly installments offered by each bank and include the penalties for terminating the original loan. Also, it would be not be sensible to refinance at the end of a loan period since the interest gain in the new bank would be minimal.

It may be redeemed any time, however, but you may have to pay a fee for early redemption. The fee is known as the pre-payment penalty, and is based on the mortgage loan amount or outstanding amount.

You may do so by giving a notice of redemption to your Bank. Your lawyer will prepare a "total discharge of mortgage". He will then arrange with the Bank's lawyer to execute the Total Discharge of Mortgage, and register it at the Registry of Land Titles. You then pay off the mortgage loan in exchange for the signed "total discharge of mortgage" or "deed of reassignment".

The following are the actions the Bank can take:

1. Sell your property to recover the money lent to you;
2. Appoint a receiver, that is to appoint a person to take charge of the property if the bank wishes to obtain rents from your property;
3. Insure your property against fire and other fortuitous accidents, and
4. Refuse to allow you to redeem the mortgage of another property if you have mortgaged more than one property.

 

Unless you can prove that the Bank has acted carelessly or recklessly in selling your property at a much lower price that what the market is willing to pay, the Court will not interfere.

Yes, provided that there is any left after the Bank recovers the money lent to you, including all other expenses in selling your house.

Unfortunately you will not have any course of action against the bank since the bank does not bind itself to you to provide the loan before the completion date. The bank's lawyers also do not represent you, therefore you will also have no recourse against them.