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.
At least 21 Years years old
Below 65 Years
Salaried / Self-employed
with regular income
Earn more than the minimum
EMI limited to about 50%
of monthly income
Loan capped @ 80% of property value
EMIs of other loans lower
Make your spouse a co-applicant,
and her income will add
to your eligibility
Alternatively add your parents
|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.
Along with your loan application, you would need to furnish the following documents for a Bank of China Home Loan:
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.
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.
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.
In order to apply for the home loan in Bank of China, you should visit one of the Bank’s branches or sub-branches.