A commercial property refers to a property that is not used for residential purposes. A commercial property loan can be used for the purchase of office units, shop houses or to build your investment portfolio. Two main purposes for purchasing a commercial property are for building your business and for strengthening your investment portfolio.
Find below some of the prime features offered by banks in Singapore for commercial property loans:
Here are some popular banks in Singapore that offer commercial property loans to customers:
Applicants who meet the following eligibility criteria can apply for a commercial property loan in Singapore:
Here are some of the important documents that banks will require of you when apply for this loan:
There are several ways in which you can apply for a commercial property loan with a bank including:
This is one of the easiest ways to apply for a commercial property loan wherein you can visit the bank’s website and apply for the loan online. You will be required to fill an application form and upload the necessary documents to complete the application process for the bank to consider your loan.
Some banks require you to the download the application form, take a print out, fill-in the required information, attach the supporting documents and mail the completed application form to the bank.
Some banks encourage customers to apply online by offering exclusive perks on online applications. For example, DBS offers customers 100% fees subsidy on online applications (subject to terms and conditions).
Making an appointment:
You can make an appointment with the bank to start the process. You can meet a bank representative who will assist you with the loan process. Banks that offer this option have a contact sheet wherein you will be required to leave your contact details and a representative will contact according to your convenience to take the process forward. Some banks also offer a contact sheet for any doubts or enquiries you may have regarding the loan offered and a representative will contact you to clarify the same.
Calling the bank:
You can call the bank and express interest in the loan and a staff representative will take you through the process of applying for the loan.
Some banks such as OCBC and DBS allow you to send a text message to the bank or an email to start the application process.
Visiting the bank:
You can visit the nearest branch of the bank you wish to apply for the commercial property loan with and apply for the same, directly in person.