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    BOC Home Loan Singapore 2018

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    A home loan is a powerful tool for long-term investment, as it enables an average person to procure property behind his financial reach. With a down payment of about 20-25%, you would be able to procure the house of your dreams while the bank funds the rest of the amount due. You would need to repay the bank to free the house of the mortgage.

    You’re probably eligible for an Bank Of China Home Loan if you are

    Bank Of China Home Loan Minimum Age

    At least 21 Years years old

     Bank Of China Home Loan Maximum Age

    Below 65 Years

    Bank Of China Home Loan Eligible Employment Type

    Salaried / Self-employed with regular income

    Bank Of China Home Loan Minimum Income

    Earn more than the minimum income required

    Your Bank Of China Home Loan amount eligibility is based on these factors

    Bank Of China Home Loan Minimum Salary

    EMI limited to about 50% of monthly income

    Bank Of China Home Loan Maximum Loan to property value

    Loan capped @ 80% of property value

    Bank Of China Home Loan EMI

    EMIs of other loans lower your eligibility

    Increase your eligible Bank Of China Home Loan amount by these steps

    Bank Of China Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant, and her income will add to your eligibility

    Bank Of China Home Loan Maximum Tenure

    No Info

    Bank Of China Home Loan Add parents as Co-applicant

    Alternatively add your parents

    Documentation needed to apply for an Bank Of China Home Loan

    • 1. Copy of NRIC/Passport of all Applicants & Owners
    • 2. Latest Computerised Payslip (salaried)
    • 3. CPF Statement – Latest 12 Months Contribution History (salaried)
    • 4. 2 Years Income Tax Assessment (self-employed)
    • 5. Option to Purchase or Sale & Purchase Agreement (for new purchase)
    • 6. Tenancy Agreements (if any)
    • 7. CPF Statement – Latest 12 Months Contribution History (salaried)

    Bank Of China Home Loan DetailsUpdated on 15 Nov 2018

    Bank Of China Home Loan Details
    Interest Rate 1.86%
    Margin of Finance Up to 80%
    Loan Tenure Minimum 4 yrs

    Bank of China offers the citizens and permanent residents of Singapore the option of choosing between a term loan and an overdraft for a housing loan. The bank has been operational in Singapore since 1936, and has been a pioneer in offering several unique products to its customers. Though the bank started its journey as a corporate banker, it slowly moved into the retail segment offering currently a host of banking solutions to its customers like personal loans, credit cards, home loans etc. The bank received a qualifying full bank license in the year 2012, and ever since has been on an expansion spree in Singapore. The Singapore branch of Bank of china has a long term commitment in improving bi-lateral trade between the two nations, and in that process strengthening trade in the entire South East Asian region.


    Types of Housing Loans offered by BOC in Singapore

    Mortgage Loan for purchase of private residential properties

    BOC provides Singaporean citizens, foreigners and Permanent Residents with mortgage loans to purchase private residential properties. The mortgage loan can also be used to purchase resale properties. This type of loan comes with flexible tenure options.

    Refinancing option

    BOC also allows you refinance an existing mortgage loan. Under this provision, an individual can move his/her home loan already active with a different bank, to BOC. Tenure options are flexible in the case of refinancing too.

    Home Renovation Loan

    BOC also provides individuals with a home renovation loan at highly affordable rates of interest. Moreover, if you already have a home loan with BOC, you can get your home renovation loan at a much lower interest rate than that prevalent in the market.

    Features and Benefits of the BOC Home Loan

    The BOC housing loan comes with a range of exciting features. Let’s take a look:

    • BOC offers home loans with interest rates that are pegged to SIBOR (Singapore Interbank Offered Rate).
    • Customers can choose from a combination of variable rate packages pegged to SIBOR. Also, customers can enjoy a fixed rate of interest for the first few years (they’ll basically be shielded from interest fluctuations).
    • If you apply for a BOC home loan and currently hold a BOC credit card, the annual fee on the credit card will be waived throughout the period of the loan tenure.
    • BOC does not charge you a processing fee for your home application.
    • You can get a tenure of your choice when you apply for a loan from BOC. Tenures can stretch for a period of up to 30 years.

    How to Apply for a BOC Home Loan?

    You can apply for a home loan from BOC by visiting the closest branch of the bank in Singapore. You’ll have to physically fill out the home loan application form and submit your supporting documents, following which the bank will get in touch with you to obtain further details, if necessary, and process your application. BOC doesn’t give you an option to initiate and complete your application process online.

    Eligibility Criteria for BOC Home Loan

    The following eligibility parameters need to be met if you wish to apply for a mortgage loan from BOC:

    • You need to be at least 21 years old.
    • You should be a Singaporean citizen, Permanent Resident or a foreigner.
    • The minimum income criterion to qualify for the loan is S$24,000 p.a.

    Documents to be submitted to Apply for the loan

    • Agreement to purchase the property.
    • Front and back copy of NRIC/Passport.
    • Statement of Income Tax Notice of Assessment for the last two years.
    • Latest computerized payslips.
    • Latest copy of CPF Contribution history.
    • Proof of intended sale of property.

    BOC Home Loan for Foreigners

    BOC provides housing loans for foreigners as well. If you are a foreigner and wish to apply for a home loan with BOC, the following documents need to be submitted:

    • Employment pass with a minimum validity of 1 year.
    • Employment letter indicating proof of income.
    • Copy of Passport.
    • Latest computerized payslips.

    Note: In some cases, foreigners need to provide a local guarantor to apply for the loan.


    1. Is there a minimum down payment amount that I have to make?

      A. Yes, you are required to pay a minimum of 20% of the value of the property. 80% will be funded by the bank.

    2. What if the purchase price is much higher than the valuation of the property? Will the bank provide me the loan amount for the same?

      A. No, if the price is higher than the valuation, the remaining amount has to borne by you.

    3. Can I make the down payment through funds in my CPF account?

      A. Yes, you can make the down payment through your CPF account.

    4. When I go for a home loan, am I insured?

      A. In most cases, you’ll need to apply for a separate insurance policy.

    5. How does my credit score influence my loan application?

      A. You need to have a clean credit history for at least one year, as well as a high credit score if your application has to be considered by the bank and processed.

    6. What is the purpose of availing a Bank of China Home Loan?

      A. The main purpose of procuring a home loan is to purchase a house of your choice to reside in. However, some people already have a property and might want to raise equity on the value of the house, and in such a case, a mortgage loan can be taken. Someone looking for renovating his existing house can also look to apply for a home loan with Bank of China.

    7. How will I repay my monthly instalments for the home loan?

      A. If you acquire a Bank of China home loan as a term loan, then you would need to repay the principal with interest every month as an EMI. To the contrary, if you take an overdraft facility by mortgaging your property, you would only need to repay the outstanding interest or a minimum % every month, whichever is higher.

    8. Can I make a partial or full repayment in advance for my Bank of China Home Loan?

      A. Yes. In the case of an overdraft, you can even bring the loan to zero temporarily, by adding funds to your account. At the time of your loan closure, you would only need to repay the outstanding principal with interest as on that day. In the case of a term loan, you can make partial repayments not exceeding 25% of the total principal at once.

    9. How can I apply for this loan?

      A. In order to apply for the home loan in Bank of China, you should visit one of the Bank’s branches or sub-branches.

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