Financing / Refinancing made easy through www.Propertyloan.com.sg. Depends on what type of financing needs you are looking for, the website will guide you step by step to find your idea loan package.
All information provided will be kept private and confidential.
2. What is the application procedure?
One of our mortgage consultants or the banker whose bank provides the loan package at your choice will contact you within 1 day regarding your application.
Once the loan application is approved, the banker will meet you at your convenience place and time.
The only one time you need to go out of your home is to meet the lawyer.
3. How do I appoint a lawyer?
The financing institutions would provide you with a list of lawyers on their panel for your selection. You will however require consent from the financing institution for the appointment of your own lawyer.
4. What are the cost considerations in getting a loan?
Stamp Duty (For new purchase only)
Stamp Duty is incurred in purchase of a property based on a scale:
1% of the first $180,000
2% of the next $180,000
3% thereafter
There is currently a government subsidy of 30% on the duty.
Legal Fee
Legal fee is incurred for purchases and refinancing with a different bank, and is paid to the lawyers for acting in purchasing, mortgaging or CPF withdrawal. It is calculated based on a scale set by the Legal Profession Act. The fee may vary from 0.7% to over 1.0% in various instances, subject to advice by the lawyers. This is not including other disbursement or out of pocket expenses - title search, legal requisition, etc. Lawyers are at discretion to waive certain cost.
Depending on the loan packages offered, you may derive some savings from the legal subsidy offered by financing institutions.
Penalty fee
Penalty fee is charged by your existing bank if you break the contract before the expiry of penalty period. This usually happens in two kinds of situations:
Refinancing with another bank
Sold of property
Valuation and Processing Fee
This usually comes free with the package offered. However, some banks may claw back this fee if you do full redemption within penalty period.
Mortgage Stamp duty
When you switch bank, mortgage stamp duty is payable to Singapore government. The amount is $500.00
5. What supporting documents do I need to submit for the loan application?
The documents requested usually are:
- Photocopy of NRIC (front & back) / Passport of all Applicants
- Income Tax Assessment - IRAS (2 years) or Photocopy of computerized Payslips (last 3 months)
- CPF Account Balance / Statement
- CPF Contribution History Statement (12 months)
- CPF Transaction History (12 Months)
- CPF Public Housing Scheme / Residential Properties Scheme Withdrawal Statement Details
For Refinancing & Bridging Loan
- Bank Home Loan Statement (6 to 12 months)
- Copy of Original Letter of Offer when Loan first taken up
- Or Copy of Purchased Letter
- Option To Purchase (Buy): Offer and Acceptance Letter of Purchase
- HDB valuation report
No, you will have the full benefits as you take the loan from bank directly. We provide free service and the bank will remunerate us for the service.
7. Why should I apply the loan through you?
There are many benefits for you to apply a loan through mortgage consultancy services.
a) Time Savings:
You will obtain full, detailed loan package information from all banks at one stop.
b) Personal Advice:
You will have mortgage consultant's personal advise with compared calculated results on loan package.
c) Loan Monitoring:
You will have your loan being monitored for free.
8. If I own a HDB, can I buy private property?
Yes, you can. HDB does not impose a limit on the number of private residential properties that a flat owner or occupier can invest in.
However, you must satisfy the required occupation period for the HDB flat.
9. If I own a private property, can I buy HDB?
Yes, but you only can buy from re-sale market.
10. If I own a private property, can I obtain a loan from HDB?
No, you cannot.
11. What kinds of Ownership I can choose?
There are two types of joint ownership as follows:
- Joint Tenancy
The right of survivorship applies here. This means that should any co-owner die, his interest in the flat would automatically pass on to the remaining co-owners. This is irrespective of whether a will had been made by the deceased co-owner.
- Tenancy-in-Common
The right of survivorship does not apply here. On the death of any co-owner, his interest in the flat will be distributed according to his will (if any). If there is no will, his interest in the flat will be distributed to the beneficiaries in accordance with the Intestate Succession Act.
