• SBI Mortgage Loan

    Home Loan BYTES FROM OUR KITCHEN

    SBI Mortgage Loan

    Overview of SBI (State Bank of India) Singapore

    State Bank of India or SBI has a history that is 200 years old. It is the largest commercial bank in India when it comes to deposits, assets, profits, customers, branches and employees. It was established in the year 1921 as the Imperial Bank of India and assumed its current name in the year 1955 and was nationalized in 1956. SBI established its presence in Singapore in the year 1977. The bank received the QFB or the Qualifying Full Bank license in the year 2008. In Singapore alone, SBI has 7 bank branches, 24 SBI ATMS (Automated Teller Machines) and more than 180 ATMs through the shared ATM network. Excluding the State Bank of India, the SBI Group has 5 additional associate banks. SBI is present in 36 different countries and territories across the world and by the end of 2014, the assets of the bank was worth over $400 billion. SBI Singapore offers an array of financial services and banking products for its vast customer base to choose from. Some of the leading products include loans, insurance, deposits and investments to name a few. Its diverse range of services include trade finance, services to the NRIs, Escrow Services and Internet banking among others.

    SBI Mortgage Loan or the SBI Home Loan

    The SBI Home Loan helps its customers own their dream home through multiple ways. Whether you are buying your own property for the first time or are wanting to refinance your existing property for a better package, SBI offers their home loan packages that are extremely flexible and can suit the individual needs and requirements.

    All you need to do is to discuss your needs and requirements to the SBI relationship managers and they can help you own your dream in the following easy ways –

    • The relationship manager will first assess your financial requirements
    • They will then recommend a mortgage plan that is appropriate for your requirements
    • They will help you fill and submit the loan application for approval

    Features and Benefits of SBI Mortgage Loan or the SBI Home Loan

    • Interest Rate Packages – You can choose between the floating rate packages and fixed rate packages offered by the bank. Fixed rate packages provide you with stability against any interest fluctuations in the market. The floating rates are linked directly to the SIBOR or the Singapore Interbank Offered Rate.
    • This mortgage loan is applicable to both, private as well as HDB flats.
    • The Lock – In period for this loan is based on the scheme or promotion chosen.
    • The promotional packages are available and applicable for both, the purchase of a new property or refinancing an existing property.
    • SBI offers attractive and competitive pricing for the various packages.
    • SBI offers its customers subsidies for valuation, legal fees and fire insurance. This is applicable only for refinancing and equity loans.
    • The SBI Mortgage Loan does not charge any processing fees.
    • The prepayment fees, cancellation fees and redemption fees are all applicable on the basis of the package chosen.
    • You can apply for the SBI mortgage / home loan as a single applicant or along with a joint applicant.

    Eligibility Criteria for the SBI Mortgage Loan or the SBI Home Loan

    The following applicants are eligible to apply for the SBI mortgage loan –

    • Age Criterion – the applicants must be between the ages of 21 years and up to 65 years of age to be eligible to apply for this loan.
    • Nationality Criterion - Singapore Citizens (SCs), Singapore Permanent Residents (PRs) and Foreigners are eligible to apply for this loan.
    • Minimum Income Criterion – The minimum income requirement for Singapore Citizens (SCs) and Singapore Permanent Residents (PRs) per application is SGD 30, 000 per annum. The minimum income requirement for foreigners per application is SGD 50, 000 per annum.
    • Minimum Loan Amount Criterion – The minimum loan amount for the SBI mortgage loan is SGD 250, 000.
    • Minimum Property Value Criterion – The minimum property value for foreigners applying for this loan is SGD 500, 000.

    Documentation Requirement for the SBI Mortgage Loan or the SBI Home Loan

    The following are the documents required for the various applicants applying for the SBI Mortgage Loan or the SBI Home Loan –

    • Singapore Citizens (SCs) and Singapore Permanent Residents (PRs) must provide the following documents –
      1. A photocopy of both sides of the NRIC. Note, the NRIC should contain the applicant’s latest address.
    • Foreigners must provide the following documents –
      1. A photocopy of the applicant’s passport OR
      2. A photocopy of the applicant’s Work Permit / Employment Pass / Dependent Pass AND
      3. A Proof of Address Document in case the address is not the same as that found on the Work Permit / Employment Pass / Dependent Pass. The address proof document can be driving license, utility bill etc.
    • Employed applicants must provide the following documents –
      1. Payslips for the last 3 months OR a Latest letter obtained from the employer certifying the applicant’s income for the last 3 months, designation and commencement of job.
      2. Latest Notice of Assessment from the IRAS (Inland Revenue Authority of Singapore Staff Union).
      3. CPF Contribution History for the last 12 months.
    • Self – employed applicants must provide the following documents –
      1. Accounting and Corporate Regulatory Authority (ACRA) Search + The License of Business / Business Profile AND
      2. The last 2 years of Notice of Assessment document from the IRAS (Inland Revenue Authority of Singapore Staff Union).
    • Commissioned employees must provide the following documents –
      1. Commission statement for the last 12 months and
      2. The last 2 years Notice of Assessment from the IRAS (Inland Revenue Authority of Singapore Staff Union).
      3. CPF Contribution History for the last 12 months.
    • A copy of the tenancy agreements if applicable.
    • In case of purchase of a new property, the applicant must provide the Option to Purchase document.
    • In case of refinancing an existing property, the loan statement for the last 6 months from the existing financier should be provided.
    • The CPF Withdrawal statement for the existing property should be provided, if applicable.
    • In case the CPF usage is involved for the loan, the applicant must provide the CPF statement of the account.

    Applying for the SBI Mortgage Loan or the SBI Home Loan

    You can apply for the SBI Mortgage Loan or the SBI Home Loan through the following easy ways –

    • You can email the bank on the email address provided on the SBI Singapore official website when you navigate to the SBI Home Loan page.
    • You can send an SMS to the bank in the format available online on the SBI Singapore Home Loan page.
    • You can walk into your nearest SBI bank branch, speak to a relationship manager and apply for the SBI Home Loan, directly in person.

    Frequently Asked Questions

    1. What is the purpose of applying for the SBI Mortgage Loan or the SBI Home Loan?
    2. Through applying for the SBI Mortgage Loan or the SBI Home Loan, you can fulfill your dream of owning the perfect home. You can apply for this loan whether you are buying your own property for the first time or if you are looking to refinance your existing property. You can apply for this loan for either of the two properties – private properties and HDB properties.

    3. Are foreigners eligible to apply for the SBI Mortgage Loan or the SBI Home Loan? If yes, what is the eligibility criteria for foreigners applying for this loan?
    4. Yes. Foreigners are eligible to apply for the SBI Mortgage Loan or the SBI Home Loan if they meet the eligibility criteria. The foreigner applicant must be between the ages of 21 years and up to 65 years of age and earning a minimum income of SGD 50, 000 per annum. Their minimum property value must be SGD 500, 000 and they must apply for a minimum loan amount of SGD 250, 000.

    5. How will speaking to an SBI relationship manager help me in my application for the SBI Mortgage Loan or the SBI Home Loan?
    6. The relationship managers at SBI will help you in owning your dream home. They will first assess your financial requirements. Then, depending on these requirements they will recommend you an appropriate mortgage plan. Finally, they will also help you in filling and submitting your SBI Mortgage Loan or the SBI Home Loan application for approval from the bank.

    7. What are the documentations required for self – employed applicants applying for the SBI Mortgage Loan or the SBI Home Loan?
    8. Self – employed applicants must provide the following documents to be eligible to apply for the SBI Mortgage Loan or the SBI Home Loan – their Accounting and Corporate Regulatory Authority (ACRA) Search and either their License of Business OR their Business Profile along with the last 2 years of Notice of Assessment document from the IRAS (Inland Revenue Authority of Singapore Staff Union).

    9. How do I apply for the SBI Mortgage Loan or the SBI Home Loan?
    10. You have 3 options to apply for the SBI Mortgage Loan or the SBI Home Loan. The first is that you can email the bank on the email address provided on the SBI Singapore official website when you navigate to the SBI Home Loan page. Another option is to send an SMS to the bank in the format available online on the SBI Singapore Home Loan page. Alternatively, you can walk also into your nearest SBI bank branch, speak to a relationship manager and apply for the SBI Home Loan, directly in person.

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