Home Loan In Singapore | Procedure to Get Home Loan In Singapore

Home Loan In Singapore | Procedure to Get Home Loan In Singapore

When you are looking for different bank in order to get the home loan for this you must know about the interest rates and also about the other fees as the size as well as duration of the home loan can have an enormous impact on your monthly finances. However, we have analyzed as well as collected about hundreds of data points to help you find the best Home Loan In Singapore.

Home Loan In Singapore:

Below we have mentioned few steps as well as guidance in order to get the home loan in Singapore.

home loan in singapor

Check your eligibility and the affordability of the property:

Before you apply for the loan hold a minute and check your affordability as well as eligibility criteria for the property. Thus, for this you are required to look after.

  • Citizenship.
  • Family Nucleus.
  • Age.
  • Income Ceiling.
  • Ownership in other properties.

Obtain an Approval-In-Principle Approval from the bank:

The approval-in-principle (AIP) is a conditional approval for your home loan. However, one of the most important advantage is to get the loan quantum. As well as it helps you to filter a property that you can afford.

Search for your ideal property:

Once you have estimated the amount which you can easily borrow now you can continue your research for your dream house. Consider about its type, location, size etc.

Make an offer for the property you want and Decide on your home loan:

If you are thinking to get a loan so it is also important for you to have detail knowledge about the different types of the loans and also look for the different interest rates. Banks provide the fixed interest rate. Thus, apart from all these you must also look towards the conditions of the loan.

Finalize your loan application:

In order to finalize the loan application you need to go through with the various paper and also you need various different documents to take the mortgage loans. If you have a clean credit history it will be helpful in you. You can even get the copy of the credit card report from Credit Bureau Singapore. Other documents required include:

  • CPF contribution for the last 04-15 months
  • Current CPF Ordinary Account statement
  • Last month payslip
  • HDB status showing that you do not own any HDB property
  • Scanned copy of NRIC
  •  Scanned copy of the Offer-to-purchase
  • Bank loan application form,
  • MAS declaration on credit
  • Signed copy of Property Loan fact sheet

Appoint a Lawyer:

However, you are also required a lawyer for your conveyancing matter for your home purchase and mortgage loan. However, he will exercise the option to purchase agreement. As well as also advice you on other legal matters. Legal fees usually cost between S$1750 to S$5000, depending on factors such as property type and choice of lawyer.

Formal valuation of property:

Under this step you are required to appoint a valuer for a formal inspection of the property. However, you are required to inform the seller and the housing agent. The costs between the value access for property inspection will be around $100 to $200.

Completion of your property purchase:

However, on the date of completion of property purchase the lawyer will call for the release for the bank finances payable to the seller’s lawyer. After this you just need to get ready to collect the keys of the house.

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