Tips for Emigrants Going For a Housing Loan
In Singapore, housing loan packages have two categories: fixed rates or floating (variable) rates.
Singapore fixed rate packages are usually tendered for up to 3 years, but there are some lenders that go up to 5 years fixed rates or even 10 years. This is unlike from some Western countries where rates can be fixed throughout the loan tenure.
On the other hand, floating rates are classified into published rates or board rates. Like Singapore Interbank Offered Rate (SIBOR) or Singapore Swap Offer Rate (SOR), published rates are normally rates that are issued daily. Meanwhile, board rates are specified by the respective bank or financial institution. Most lenders tie their board rates to certain financial bech marks such as the SIBOR but the exact factors are often vague and variations in board rates tend to be ambiguous.
In general, there are no confinements on emigrants obtaining housing loans in Singapore but do pay attention of the following.
Loan to Value
The maximum loan to value (LTV) in Singapore is 90% of the purchase price or valuation, whichever is lower. Housing loan packages for 90% funding are limited as some loaners do not tender maximum LTV to emigrants. Loan approval for 90% financing is also stricter than for LTV 80% and below.
Proof of Income
To obtain commnedation for a housing loan your latest income tax assessment or a letter of appointment from your local employer is needed. Some local lenders do not honor tax assessments from other countries.
Landed Property
Before an emigrant can buy restricted properties like vacant lot or landed properties such as bungalows, semi-detached, and terrace houses, the approval from Singapore Land Authority is asked.
In-principle Approval
Try to apply for an in-principle approval before moving with a purchase, since loan applications are more complex for emigrants. Think of hiring a reputable and professional housing loan consultant. This may help you save time and money with your loan approval.
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Tips for Emigrants Going For a Housing Loan
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