• Bank of China Home Loan

    Home Loan BYTES FROM OUR KITCHEN

    Bank of China Home Loan

    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

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    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

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    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

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    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 28 Jun 2017

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

    Bank of China Home Loan Singapore

    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.

    Features of Bank of China Home Loan

    • Bank of China offers a very transparent system of interest rates. The interest rates are based on the SIBOR or Singapore Interbank offered Rate, which is available for everyone to see online.
    • The interest rates offered by the bank are very competitive and affordable.
    • The bank offers a range of financing solutions that fits the bill for every customer.
    • Reduced interest rates for home renovation loans.
    • No processing fees for a home loan with Bank of China.
    • The interest rate is fixed for the first few years of the loan tenure, reducing risks of instability in loan rates.

    Bank of China Home Loan Eligibility & Documentation

    Eligibility

    • The applicant must be aged between 21 to 65 years.
    • The applicant must have a minimum income of S$24,000 per annum.
    • Singapore citizens and permanent residents are eligible to apply for a home loan. In the case of foreigners, the income criterion can be slightly higher, and the application would be processed in a case to case basis.

    Documentation

    Along with your loan application, you would need to furnish the following documents for a Bank of China Home Loan:

    • Option to Purchase or Sales and Purchase Agreement.
    • You would need to furnish your latest computerized payslip or Income Tax assessment. In the case of self-employed people, only IT returns are to be submitted.
    • Latest CPF statement of account / CPF members’ contribution history statement.
    • Provide any loan statements for the last 6 months, if the applicant has any loans.
    • A copy of passport or the NRIC
    • Agreements with tenants, if any
    • Evidence of sale of existing property, if any.

    Bank of China Home Loan FAQs

    1. What is the purpose of availing 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.

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

      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.

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

      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.

    4. How can I apply for this loan?

      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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