• SBI Commercial Property Loans

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    SBI Commercial Property Loans

    Overview of SBI Commercial Property Loans

    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.

    Features and Benefits of SBI Commercial Property Loans

    • You can choose from an array of interest rate packages. Fixed rate packages provide stability in times of market fluctuations as your rates will remain constant under any market conditions OR you can choose the floating rate structure where the interest rates are directly linked to SIBOR or the Singapore Interbank Offered Rate.
    • The bank provides promotional packages for new purchases, equity loans and refinancing.
    • You will also receive additional benefits in the form of subsidies on your valuation fees and legal fees.

    Additional Fees and Charges for the SBI Commercial Property Loans

    • SBIS does not charge any additional processing fees for this loan.
    • Depending on the package you choose, you may not be charged with fees for prepayment / redemption or cancellation.

    Eligibility Criteria for the SBI Commercial Property Loans

    In order to be eligible to apply for the SBI Commercial Property Loans, you must meet the following eligibility criteria –

    • Age Criterion - The applicant must be at least 21 years of age and up to 65 years of age.
    • Nationality Criterion - Singapore Citizens (SCs), Singapore Permanent Residents (PRs) and Foreigners are eligible to apply for this loan.
    • Additional Criterion for foreigners – The property value must at least be SGD 500, 000 for foreigners applying for this loan.
    • Minimum Income Criterion – Eligible applicants must earn a minimum income of SGD 50, 000 per annum.
    • Minimum Loan Amount – Applicants must apply for a minimum loan amount of SGD 250, 000 to be eligible.

    Documentation Requirements for the SBI Commercial Property Loans

    The following documents must be submitted in order to be eligible to apply for this loan –

    • The application form for the SBI Commercial Property Loans must be completely filled and signed by all the borrowers before it is submitted.
    • A copy of the applicant’s NRIC.
    • Income Documents – This includes the Income Tax NOA (Notice of Assessment), bank statements, payslips etc.
    • In case of a new purchase, you will need to submit the Option to Purchase Document
    • In case of refinancing or for equity loans, you will need to submit the loan statements from your existing bank.
    • Tenancy Agreement is required, if applicable.

    Appling for the SBI Commercial Property Loans

    You can apply for the SBI Commercial Property Loans through your preferred method of communication in the following ways –

    • You can send an email to the bank with the application form and the requested documents and apply for this loan.
    • You can send an SMS to the bank and a bank representative will then contact you regarding the same and take the process forward.
    • You can walk into your nearest SBIS bank branch, speak to one of the relationship managers and apply for this loan directly in person.

    Explore the Commercial Property Loan from other Banks:

    Frequently Asked Questions

    1. What are the interest rate structures offered for the SBI Commercial Property Loans?

      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.

    2. Are foreigners eligible to apply for the SBI Commercial Property Loans?

      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.

    3. What are the additional fees and charges that I will have to pay for the SBI Commercial Property Loans?

      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.

    4. What documents will I need to submit when applying for the SBI Commercial Property Loans?

      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.

    5. How do I apply for the SBI Commercial Property Loans

      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.

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