There are plenty of home loan options available for people wanting to buy or build homes, but what if you want to buy an office or construct a commercial building? Worry not, there are plenty of commercial property loans available in Singapore for businesspersons. UOB is among the banks that offer loans for purchase or construction of commercial property. Let us learn everything about Commercial Property Loans in Singapore offered by UOB.
Features of UOB Commercial Property Loan
The main features of the commercial property loan from UOB are listed below:
- High loan amount: You can get loan for up to 80% of the purchase price or valuation of the property. So if your property costs S$100,000, UOB will give you up to S$80,000 as loan and you only have to worry about the down payment of S$20,000.
- Long loan duration: Your commercial property loan can be taken for up to 30 years, giving you sufficient time to make repayments.
- Low interest rates: The interest rates offered by UOB are affordable and in line with the market conditions.
- Secured overdraft option: If you also go for a UOB Secured Overdraft, you can get lower interest rates.
- Flexible repayment: You can make repayments as per your income and affordability.
Benefits of UOB Commercial Property Loan
The advantages of opting for this loan are:
- You get subsidy on legal and valuation fees.
- Valuation of property and processing of the loan will be undertaken for free.
UOB Commercial Property Loan Interest Rates in Singapore
UOB offers low and attractive interest rates to its commercial property loan customers. The rates can be customised as per your needs. You can get special rates if you are a long-term customer or opt for other UOB products such as Secured Overdraft as well. The interest depends on the prevailing Board Rates. For the actual figures, please contact the bank.
Eligibility Criteria for UOB Commercial Property Loan
To be eligible for this loan, you need to meet the following parameters:
- Minimum age: 21 years
- Singapore citizen or Permanent Resident
- Foreigners will need to check with the bank whether they are eligible
- Salaried or self-employed
- Good credit score
Documents Required for UOB Commercial Property Loan
For speedy approval for this loan, ensure that you have the documents as given below:
- Loan application form, duly filled
- Copy of NRIC or Passport
- Malaysian ID Card if you are a Malaysian citizen
- Income proof such as the most recent salary slips, bank statement for the last 3 to 6 months, Notice of Assessment from the IRAS for the last 1 to 2 years, profit and loss statements of your company, among others.
- All purchase and sales copies related to the land, building or commercial property.
How to Apply for UOB Commercial Property Loan
To get a UOB Commercial Property Loan, you can follow any of the below-mentioned ways:
- Using UOB Uniservices Online, send an email and book an appointment with the bank officials.
- Call the UOB Customer Care Hotline (1800 3882121) between 8am and 8pm any day.
- Fill in the Customer Assistance form on the UOB portal and request a bank executive to get in touch with you.
- Go to your nearest UOB branch.