If you are planning to buy a house that was a long cherished dream for you then you must plan accordingly. Owning a house is a matter of great honour, joy and pride and choosing the correct home loan can definitely be a daunting task. A good home loan can pave a smooth road between you and your dream house.
Atleast 25 years
Less than 65 Years
Salaried / Self-employed with regular income
$50,000 per annum for foreigners
Minimum income required S$30,000
Minimum Loan Amount - S$250,000 for nationals and S$500,000 for foreigners
EMIs of other loans lower your eligibility
Make your spouse a co-applicant, and her income will add to your eligibility
Choose longer tenure loan up to 5 years
Alternatively add your parents
|Min Loan Amount||S$250,000|
|Max Loan Amount||80% of property value|
|Max Loan Tenure||5 years|
|Interest Rates||Revised from time to time|
|Monthly EMI||Capped at 30% of the gross monthly income|
SBI is India’s top bank that also has its operations in Singapore. The bank offers a range of products and banking services. Housing loans are a popular product offered by the bank and come with a wide array of features and benefits. Let’s observe the features, various benefits and other aspects of the SBI Housing Loan.
SBI Home Loan
The Private Property Loan offered by SBI enables you to borrow money to purchase a private property in Singapore. You can pick a tenure of your choice depending on the quantum of the loan amount. Even HDB flats can be financed by this loan.
The commercial property loan provides you with the funds to purchase a commercial property and expand the scope of your business operations. Here again, different tenure options are available. Commercial property loans require separate eligibility parameters that need to be met.
SBI Bridging Loan
If you are expecting funds from a conclusive sale deal (of an existing private property in your name), you can apply for a bridging loan to cover for your down-payment amount. The bank usually funds up to 80% of the value of the property you wish to purchase. You can use the bridging loan to make the down-payment and close the loan once you receive funds from the successful sale of your private property.
Interest rates are available in a combination of packages. The bank offers both fixed and floating rates of interest. SIBOR-pegged rate packages are available too. You need to contact the bank for the exact rates that are available to you.
If the applicant is a Singaporean citizen or a Permanent Resident, the following documents need to be submitted:
You can visit any of the existing SBI branches in Singapore, fill out the application form and submit your documents. You can also send an SMS to (65)98333430, or send an email to firstname.lastname@example.org.
Refinancing options are available to customers. In order to refinance your loan, you’ll need to submit your documents, along with your loan statement from the bank with which your home loan currently exists.
A. Yes, you can. SBI gives you the option of pre-closing your loan at a charge equivalent to about 1%-2% of your outstanding loan amount.
A. A SIBOR-pegged package is a rate package linked to a particular SIBOR frequency (1-month or 3-month SIBOR in most cases). The expected interest rate will be about 1 or 2 percentage points more than the Singapore Interbank Offered Rate.
A. A fixed-rate package is a rate package wherein your repayments on a monthly basis will remain fixed through the tenure of the loan. Fixed-Rate packages help a great deal in terms of long term financial planning, as rates remain fixed, giving you an idea of how much you’d be paying each month, and accordingly manage your finances. Moreover, fixed rates are insulated from market fluctuations.
A. The bank, in most cases, will fund up to 80% of the value of the property you wish to purchase.
A. You will need to contact the bank regarding housing loans for property constructions.