• Home Loan BYTES FROM OUR KITCHEN

    SBI Home Loan

    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.


    You’re probably eligible for an SBI Home Loan if you are

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    SBI Home Loan Minimum Age

    Atleast 25 years

     SBI Home Loan Maximum Age

    Less than 65 Years

    SBI Home Loan Eligible Employment Type

    Salaried / Self-employed with regular income

    SBI Home Loan Minimum Income

    $50,000 per annum for foreigners


    Your SBI Home Loan amount eligibility is based on these factors

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    SBI Home Loan Minimum Salary

    Minimum income required S$30,000

    SBI Home Loan Maximum Loan to property value

    Minimum Loan Amount - S$250,000 for nationals and S$500,000 for foreigners

    SBI Home Loan EMI

    EMIs of other loans lower your eligibility


    Increase your eligible SBI Home Loan amount by these steps

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    SBI Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant, and her income will add to your eligibility

    SBI Home Loan Maximum Tenure

    Choose longer tenure loan up to 5 years

    SBI Home Loan Add parents as Co-applicant

    Alternatively add your parents


    Documentation needed to apply for an SBI Home Loan

    • 1. Copy of tenancy agreements (If applicable)
    • 2. Last 6 months loan statement from existing financier (For Refinance)
    • 3. CPF Statement of Account (If CPF usage is involved)
    • 4. Singaporeans / Permanent Residents - Photocopy of NRIC, both sides
    • 5. Non – Singaporeans
      • Photocopy of Passport or
      • Photocopy of Employment Pass / Work Permit / Dependant Pass and
      • Document proof of address (i.e. utility bill, driving license etc.)
    • 6. Self-Employed
      • ACRA Search +Business Profile /License of business
      • Latest two years Notice of Assessment from IRAS
    • 7. Employed
      • Last 3 Months pay slips
      • Latest Notice of Assessment from IRAS and
      • Past 12 months CPF contribution history
    • 6. Commission earners
      • Latest 12 months commission statement and
      • Latest two years Notice of Assessment from IRAS and
      • Past 12 months CPF contribution history

    SBI Home Loan DetailsUpdated on 21 Nov 2017

    SBI Home Loan Details
    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.

    Types of Home Loans offered by SBI in Singapore

    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.

    SBI Commercial Property 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.

    Features and Benefits of the SBI Housing Loans

    • The SBI lets you choose from a combination of available interest rate packages on their home loans. You can choose a fixed rate package wherein repayments remain fixed through the tenure of the loan, and also a floating rate package which is pegged to the Singapore Interbank Offered Rate (SIBOR).
    • The interest rates are competitive and affordable. The loan application process is simple and effortless.
    • You can use a property loan from SBI to purchase a private property or an HDB Flat, and also for the purchase of a commercial property.
    • A bridging loan is available for you to help pay the down-payment of your property purchase immediately.
    • The bank provides subsidies for fire insurance and legal fees. This is available for refinancing and equity loans.
    • You can choose a tenure from flexible tenure options. Tenures can stretch up to 30 years in case of larger loan amounts.

    SBI Home Loan Interest Rates

    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.

    SBI Housing Loan Fees and Charges

    • The bank does not charge a processing fee towards the loan.
    • Pre-payment charges and cancellation charges as a percentage of the applicable amount will hold valid.

    Eligibility Criteria for SBI Home Loan

    • The loan is available to citizens of Singapore, Permanent Residents and Foreigners.
    • The minimum age to apply is 21 years, while the maximum permissible age to apply for the loan is 65 years.
    • The minimum annual income has to be S$50,000.
    • A minimum loan amount in the case of citizens and PRs is S$20,000.

    Documents to be submitted

    If the applicant is a Singaporean citizen or a Permanent Resident, the following documents need to be submitted:

    • Singaporeans and Permanent Residents:
      • Copy of NRIC with latest address (both the sides)
    • Foreigners:
      • Copy of Passport OR
      • Copy of Employment Pass/Dependant Pass/Work Permit AND
      • Proof of address such as utility bill and driving licence if the current address is different from that in the passes
    • Self-employed:
      • ACRA Search +Business Profile/Licence of business AND
      • Most recent 2 years' Income Tax Notice of Assessment
    • Salaried persons:
      • Payslips for the last 3 months OR Latest letter from the employer certifying the last three months income, designation and commencement of job AND
      • Latest Tax Notice of Assessment
      • CPF contribution history for the last 1 year
    • Commission earners:
      • Commission statement for the last 12 months AND
      • Most recent Income Tax Notice of Assessment (for at least 2 years) AND
      • CPF contribution history for the last 1 year
    • Copy of tenancy contracts (If required)
    • Option to purchase (for new purchase)
    • Loan statement for the past 6 months from existing lender (for refinance)
    • CPF Withdrawal Statement for Existing Property (If required)
    • CPF Statement of Account (If you have used CPF monies)

    How to Apply for the SBI Housing or Property Loan

    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 loans@sbising.com.

    SBI Home Loan for Foreigners

    • The SBI Home Loan is available to foreigners. The minimum property value in the case of foreigners is S$500,000.
    • In case of foreigners, the following documents need to be submitted:
      • Valid work permit, latest computerized payslips, copy of passport, employment pass with a minimum validity of 1 year, employment letter indicating proof of employment (obtained from an employer in Singapore and applicable in cases where it is relevant).

    SBI Home Loan Refinancing

    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.

    FAQs

    1. Can I pre-close my loan with SBI?

      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.

    2. What is a SIBOR-pegged rate package?

      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.

    3. What is a fixed rate package?

      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.

    4. What percentage of the value of my property will the bank fund?

      A. The bank, in most cases, will fund up to 80% of the value of the property you wish to purchase.

    5. Can I apply for a loan to construct my own property?

      A. You will need to contact the bank regarding housing loans for property constructions. 

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