A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Home Loan BYTES FROM OUR KITCHEN

    SBI Home Loan

    Regardless of whether you are buying a new property or looking to refinance an existing one, SBI Singapore offers an array of flexible mortgage plans that you can opt for based on your unique needs. You will find mortgage loan packages for both private as well as HDB properties.

    Home Loans Offered by SBI

    SBI Singapore offers a variety of mortgage loan packages that you can opt for as per your needs. In addition to regular residential mortgage loans, SBI also offers an SBI Bridging Loan that enables you to move into your new home, before selling your existing property.

    Interest Rates for SBI Housing Loans 

    • To know more about the latest interest rates and promotional packages, you can either drop an email to [email protected] or call the bank on 6228 1113/6228 1116.
    • Alternatively, you can also send an SMS with to 9833 3430.

    Fees & Charges You’ll Have to Pay  

    Home Loan

    • With SBI home loans, you do not have to pay any processing fee.
    • The cancellation/redemption/pre-payment fees will be charges as applicable depending on the package that you choose:
      • Packages without a lock-in period will not charge a fee for early repayment.
      • Packages with a lock-in period will charge 1.5% of the loan amount in case of early partial/full repayment.

    Bridging Loan

    • You do not have to pay any processing fees for SBI Bridging Loans.
    • No cancellation/pre-payment fees are chargeable.
    • You need to pay a default fee which is 2% of the overdue amount along with regular interest.

    Types of Home Loans Offered by SBI 

    Home loan: There are a range of SIBOR-linked and fixed packages that you can choose from. You can take SBI home loans for both buying your first property as well as refinancing an old one. Both private and HDB properties are eligible for these home loan packages.

    Bridging Loan: A bridging loan enables you to move into your new home without having to wait for the sales proceeds from an existing property. The maximum repayment tenure you can opt for is 6 months. You need to pay only the interest component during the repayment tenor. The principal is to be repaid only after you receive the sales proceeds from your old property.

    Why Take SBI Home Loan

    Home Loan

    • Competitive pricing to ensure that you save more on your interest component.
    • Applicable for both HDB and private properties.
    • For equity/refinancing loans, you get subsidies on fire insurance, valuation, and legal fees.
    • You have the option of choosing between fixed interest rates (that are not affected by market fluctuations) and floating interest rates (that are directly linked to SIBOR).
    • There are promotional packages for refinancing as well as new purchases.
    • The lock-in period is based on scheme/promotion.
    • With quick processing times, you do not have to wait too long for getting your loan amount disbursed.
    • The interest is charged on a daily reducing balance.

    Bridging Loan

    • The repayment period is up to 6 months.
    • You need to pay only the interest component during the repayment tenor.
    • The principal component can be repaid once you receive the sales proceeds from your existing property.
    • You get competitive interest rates on SBI Bridging Loans.

    Eligibility Criteria 

    Home Loan

    • You must be between the ages of 21 and 65 years.
    • You must apply for a minimum loan amount of S$250,000.
    • Permanent Residents or citizens of Singapore, and foreigners are eligible.
    • Minimum income/application (joint/single) is S$50,000 p.a. for foreigners and S$30,000 p.a. for Permanent Residents/Singaporeans.
    • The value of the property should be at least S$500,000 (for foreigners).

    Bridging Loan

    • You must be a Permanent Resident or citizen of Singapore and.
    • You must be at least 21 years of age.
    • You must have a minimum annual income of S$30,000.
    • You must apply for a minimum bridging loan amount of S$30,000.
    • The maximum bridging loan amount that you can apply for is S$300,000.
    • You must pay at least 5% cash out of your own pocket as down payment.
    • You must take the Bridging Loan in conjunction with a home loan (for a new purchase).
    • You must have a proof of sale for the existing property.

    Documents Required 

    Home Loan

    • Photocopy of both the sides of your NRIC (Singaporeans/Permanent Residents).
    • Photocopies of Dependant Pass/Work Permit/Employment Pass and passport along with document proof of address for non-Singaporeans.
    • Income documents for salaried employees:
      • Most recent NOA from IRAS and
      • CPF contribution history (last 12 months) and
      • Letter from employer (certifying commencement of job, designation, and the last three months income) or payslips (last three months).
    • Income documents for self-employed:
      • NOA from IRAS (latest two years) and
      • ACRA Search + License of business/Business Profile.
    • Income documents for commission earners:
      • CPF contribution history (last 12 months) and
      • NOA from IRAS (latest 2 years) and
      • Commission statement (latest 12 months) for commission earners.
    • Copy of tenancy agreement (wherever applicable).
    • CPF account statement (in case your CPF usage is involved in loan).
    • CPF Withdrawal Statement for the existing property (wherever applicable).
    • Loan statement (last 6 months) from the existing financier (for the purpose of refinancing).
    • Option to purchase (for a new purchase).

    Bridging Loan

    If the existing property (to be sold) is a private property:

    • Caveat lodged on the existing property.
    • Letter of undertaking by the law firm that is acting in the sale.
    • Exercise letter from the lawyer (of the buyer).
    • Account statement from the existing HDB/bank stating the latest balance loan amount.
    • CPF withdrawal statement (latest) for the existing property.
    • Duly exercised option for purchasing the existing property.

    If the existing property (to be sold) is an HDB:

    • Caveat lodged on the existing property.
    • Letter of undertaking by the law firm that is acting in the sale.
    • Letter of authorisation to HDB.
    • In-principal approval letter from HDB.
    • First appointment letter from HDB.
    • Account statement from the existing HDB/bank stating the latest balance loan amount.
    • CPF withdrawal statement (latest) for the existing property.
    • Option to purchase for the existing property.

    Application Process 

    • You can apply for SBI home loans in Singapore by visiting any of the branches and speaking directly with their relationship manager.
    • Alternatively, you can also drop in an email to [email protected]

    FAQs 

    Q. What is the maximum amount that I can apply the loan for?

    A. You can apply for 80% of the net valuation or purchase price (whichever is lower) of the property. Net purchase price implies the actual purchase minus the rebates, discounts, or any other benefits that you might receive from either the vendor or a third party.

    In case you are opting for a refinance, you may apply for a maximum of 100% of the outstanding balance on your loan amount with your existing financier (subject to approval from the bank). The maximum loan amount that you can apply for will be calculated as per the latest MAS regulations.

    Q. What is the minimum/maximum loan repayment tenure that I may opt for?

    A. You can apply for a minimum loan period of 5 years. The maximum loan repayment tenure can be up to 70 years of age or 35 years (whichever is earlier).

    Q. Do I need fire insurance?

    A. Yes. The bank requires you to have fire insurance in order to safeguard your property against fire breakouts. A valuer will determine the value of fire insurance that you need. The premium for this fire insurance will be paid on a yearly basis.

    Q. Do I have to provide the bank an advance notice if I choose to pre-pay my loan?

    A. Yes. You will have to give 1-month notice in case of partial prepayment and 3 months’ notice in the event of a full prepayment of the home loan.

    Q. What if the valuation price and purchase price are different?

    A. In order to determine the loan quantum, the bank will consider the lower of the valuation price and purchase price. In the event that the purchase price turns out to be higher than the valuation price, the difference amount must be paid in cash.

    Q. What is the minimum loan amount that I can repay?

    A. The minimum pre-payment amount for you SBI home loan should not be less than S$5,000. Any subsequent amounts that you prepay should be in multiples of S$5,000.

    Q. How should I repay my SBI home loan?

    A. The monthly repayment instalments of your SBI home loan are computed on the basis of the amount disbursed and are payable upon the first drawdown of the loan. You are required to open and maintain a savings/current account with SBI in order to service your loan instalments. You can also choose to pay your instalments through your CPF Ordinary Account or by using your CPF monies.

    Q. What type of properties can I get an SBI home loan for?

    A. All types of under-construction and completed private houses, apartments, and condominiums are eligible for the SBI home loan. You can also get an SBI home loan for all types of HDB properties including executive condominiums.

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