Using the Commercial Property Loans offered by State Bank of India, Singapore (SBIS), you can obtain financing for commercial property of various kind that includes office units, retail shops, factories or warehouses. State Bank of India, Singapore (SBIS) offers attractive interest rate packages for this loan that includes fixed rate packages as well as floating rate packages that are pegged to SIBOR rates.
In order to be eligible to apply for the SBI Commercial Property Loans, you must meet the following eligibility criteria –
The following documents must be submitted in order to be eligible to apply for this loan –
You can apply for the SBI Commercial Property Loans through your preferred method of communication in the following ways –
SBIS offers attractive and competitive interest rate structures for their SBI Commercial Property Loans. You can choose between fixed rate packages that provide more stability from market fluctuations OR floating rate packages which are directly linked to the Singapore Interbank Offered Rate or SIBOR that offers complete transparency with the interest package.
Yes. Foreigners who meet the eligibility criteria can apply for the SBI Commercial Property Loans. Foreigners must be between the ages of 21 years and 65 years and must earn a minimum income of SGD 50, 000 per annum. Their property must be valued at least be SGD 500, 000 and above and they must apply for this loan for a minimum amount of SGD 500, 000.
You will have to pay for the legal fees and the valuation fees for the SBI Commercial Property Loan. However, the bank offers subsidies on both these fees. Additionally, note that SBIS does not charge any processing fees when you apply for this loan. Also, depending on the package that you choose to apply for, you may not be charged any prepayment, redemption or cancellation fees either.
In order to successfully apply for the SBI Commercial Property Loan, you will have to submit the application form - completely filled out and signed by all the borrowers, a photocopy of your NRIC, Income documents that can include – your Income Tax NOA / bank statements / payslips etc. Additionally, if you are purchasing a new property, you will need to submit your Option to Purchase document and if you are refinancing or applying for an equity loan, you will be required to submit your loan statements from your existing bank and lastly, if applicable to you, you must also submit your Tenancy Agreement.
You can apply for the SBI Commercial Property Loan through a mode of communication that is best suited for you. You can send an email to SBIS with the application form (completely filled and signed by all borrowers) and the requested documents to apply for this loan. You can also send an SMS to the bank and a bank representative will then contact you regarding the same and take the application process forward. Alternatively, you can walk into your nearest SBIS bank branch, speak to one of the relationship managers and apply for this loan directly in person.