Home Loan In Singapore | Procedure to Get Home Loan In Singapore
However, while choosing about the interest rated one must consider bout the interest rates. As well as about the other fees because the size and duration of the home loan can have an enormous impact on your monthly finances. Moreover, we have collected and analysed hundreds of data points to help you find the best Home Loan In Singapore.
Home Loan In Singapore:
Given below is the step by step guidance for you in order to get the home loan in Singapore.
Check your eligibility and the affordability of the property:
Before applying for a loan you are required to check your affordability criteria for the property. As well as your eligibility. However, for this you need to check.
- Family Nucleus.
- Income Ceiling.
- Ownership in other properties.
Obtain an Approval-In-Principle Approval from the bank:
However, an approval-in-principle (AIP) is a conditional approval for your home loan. Moreover, one of the most important advantage is that it provides you the loan quantum. As well as it helps you to filter a property that you can afford.
Search for your ideal property:
After knowing the amount which you can easily borrow. 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:
However, in this you must contain detail about different types of available loans. As well as you must look towards the interest rate. As banks provide fixed rate of interest. Moreover, along with this you need to consider about the conditions of the loan.
Finalize your loan application:
There are various paperwork and documents are required. In order to take the mortgage loan. 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 12-15 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:
You can also required a lawyer on 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:
In this step the will appoint a valuer for a formal inspection of the property. However, you are required to inform the seller and the housing agent. In order to allow the value access to property for inspection. Moreover, this usually costs between $100 to $200.
Completion of your property purchase:
On the date of the completion of your property purchase. The lawyer will call for the release of the bank finances payable to the seller’s lawyer. After this you just need to get ready to collect the keys of the house.