Singapore is one of the best countries in the world for expats. It has a very advanced economy and is also regarded as one of the best places in the world for doing business. Thus, it is not surprising that people from around the world live and work in Singapore and foreigners are an integral part of the society on this island nation. The banks and financial institutions in the Lion City offer a wide range of products and services to foreigners living in Singapore including personal loans, credit cards and even home loans. UOB is one of the banks that offers loans to foreigners and UOB Home Loan for Foreigners can help expats living in Singapore purchase the home of their dreams.
The United Overseas Bank (UOB) is one of the top banking and financial institutions in the world and is one of the few banks that have their headquarters in Singapore. UOB offers a variety of products in Singapore that include credit cards, personal loans, savings accounts, home loans etc. UOB Home Loan for Foreigners is the ideal home loan product for expats and foreigners living in Singapore who want to purchase a house in the city. They will be offered with the money they need to buy the home of their choice. The loan amount offered can be comparatively higher and the applicants will also be offered with affordable rates.
If you are a foreigner living and working in Singapore and if you want to purchase a home in the city, you might find it difficult to acquire the required funds for purchasing a house of your choice as properties in Singapore are quite expensive. Your income and savings may not be enough to offer you with the money that you need. Hence, the best option for you is to opt for a home loan from a reliable bank that will help you purchase the house of your choice. UOB is one of the few banks in Singapore that offers home loans to foreigners in Singapore and so you will benefit from applying for UOB Home Loan for Foreigners.
All foreigners who reside in Singapore can apply for this loan to invest on a residential property or purchase one for the purpose of living, provided the credit is approved for them.
You will need to submit the following documents to apply for UOB Home Loan for Foreigners:
The documents mentioned above can be submitted to the Home Loan Specialist or you can provide your contact details on the website of the bank and they will get in touch with you in a short while.
For a new purchase, you can borrow up to 80% of the market value or property price of the property with UOB Home Loan for Foreigners.
If you are the existing owner of a property and have a home loan from any other bank, you can opt for refinancing from UOB bank and the loan amount offered can be 100% of the outstanding loan amount or 90% of the market value of the property, whichever is lower.
The repayment period offered with this loan can be as high as 35 years or till the age of 75 (whichever is earlier).
When you apply for the home loan and your application is approved, the bank will determine both the purchase price and the valuation price of the property. The loan amount will then be calculated based on the price which is lower of the two. For example, if the purchase price is lower than the valuation price, the loan amount will be based on the purchase price of the property.
Yes, you will be required to opt for fire insurance when you opt for this home loan product offered by UOB.
The difference types of fees and taxes that you will most likely be required to pay when purchasing in Singapore include the following: