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 income required
EMI limited to about 50% of monthly income
Loan capped @ 80% of property value
EMIs of other loans lower your eligibility
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.
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.
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.
The BOC housing loan comes with a range of exciting features. Let’s take a look:
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.
The following eligibility parameters need to be met if you wish to apply for a mortgage loan from BOC:
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:
Note: In some cases, foreigners need to provide a local guarantor to apply for the loan.
A. Yes, you are required to pay a minimum of 20% of the value of the property. 80% will be funded by the bank.
A. No, if the price is higher than the valuation, the remaining amount has to borne by you.
A. Yes, you can make the down payment through your CPF account.
A. In most cases, you’ll need to apply for a separate insurance policy.
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.
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.
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.
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.
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.