• UOB Home Loan

    Home Loan BYTES FROM OUR KITCHEN

    UOB Home Loan

    As one of Singapore’s leading banks, the United Overseas Bank has established itself as a strong player in the island nation’s financial market. Backed with 80 years of banking experience, UOB has outdone its competitors by providing exceptional banking products and services to Singaporeans. UOB’s wide product spectrum caters to corporates and individuals alike. UOB’s Singaporean businesses comprise of corporate banking, commercial banking, private banking, personal finance, investment banking, capital market activities, treasury, insurance and asset management. The bank is a major lender of loans, credit cards and specializes in private residential home loan products.


     

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

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    UOB Bank Home Loan Minimum Age

    At least 21 years old

     UOB Bank Home Loan Maximum Age

    Less than 70 years

    UOB Bank Home Loan Eligible Employment Type

    Salaried / Self-employed
    with regular income

    UOB Bank Home Loan Minimum Income

    Earn more than the minimum
    income required


     

    Your UOB Bank Home Loan amount eligibility is based on these factors

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    UOB Bank Home Loan Minimum Salary

    EMI limited to about 50%
    of monthly income

    UOB Bank Home Loan Maximum Loan to property value

    Loan capped @ 80% of Property Value

    UOB Bank Home Loan EMI

    EMIs of other loans lower
    your eligibility


     

    Increase your eligible UOB Bank Home Loan amount by these steps

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    UOB Bank Home Loan Add Spouse as Co-applicant

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

    UOB Bank Home Loan Maximum Tenure

    Choose longer tenure loan up to 35 Years

    UOB Bank Home Loan Add parents as Co-applicant

    Alternatively add your parents


     

    Documentation needed to apply for an UOB Bank Home Loan

    For Singapore Citizens and Permanent Residents:

    • 1. UOB Property Loan Application form – filled and signed.
    • 2. Photocopy of NRIC or Passport.
    • 3. The following Income documents:
      • Most recent computerized payslip or IR8A.
      • 2 years Tax Return (self-employed).
      • 2 years Commission statements (commission based employees).
    • 4. Option to Purchase:
      • Most recent CPF Account Statement (in case of CPF usage).
      • Most recent CPF Withdrawal Statement/Option of Sale for existing property, if applicable.

    For Foreigners:

    • 1. UOB Property Loan Application form – filled and signed.
    • 2. Photocopy of Passport.
    • 3. Photocopy of ID Card for Malaysian Citizens.
    • 4. The following income documents:
      • Most recent payslip/Employment Letter and last 3 months bank statements with salary credit.
      • Last 3 months bank statements and last 2 years Tax Assessment notices (self-employed).
    • 5. Option to Purchase or Sales and Agreement copy.

     

    UOB Bank Home Loan DetailsUpdated on 27 Jun 2017

    UOB Bank Home Loan Details
    Interest Rate NA
    Margin of Finance Upto 80% of property value
    Loan Tenure 35 Years or up to 75 years of age

     
     

    UOB Home Loan Singapore

    UOB offers a bunch of innovative banking solutions to Singaporeans and other foreign nationals. UOB home loans are comprehensive home financing products available in the Singaporean market bundled up with compelling offers and additional benefits. The home loans from UOB cater to the needs of all kinds of customers and are available to residents, citizens and foreigners in Singapore.

    Why Choose UOB Housing Loans?

    Buying a home will be one of the most important things that you will do in your life. Hence, you have to make sure that you get everything right and get the required finances to buy the house of your dreams. Hence, you should opt for a home loan from UOB, a reliable bank offering attractive interest rates on home loans.

    Types of UOB Home Loans

    Private Home Loan

    UOB Home Loan

    United Overseas Bank provides an excellent home loan product for private property owners giving them the convenience of either buying a new property or refinancing their existing home mortgages using a UOB private home loan. An upgrade to a bigger property is also possible with UOB offering the Private Home Loan with attractive interest rates and flexible repayment options.

    Features and Benefits:

    • UOB sanctions home loans up to 80% of the purchase price or the valuation of the property, whichever tends to be lower.
    • Aiming to remove any hassles a customer might face while buying a property, UOB provides bridging loans to borrowers expecting funds from the sale of their existing properties. The bridging loan delivers the required down payment amount for the new property, until the sale of the old house is made.
    • UOB offers Private Home Loans with fixed or floating interest rates depending on the loan amount and tenure. Customers can choose their preferred type of interest rate or can opt for a combination of floating and fixed rates if they wish to do so. Borrowers availing bridging loans will get preferential interest rates from UOB.

    Home Construction Loan

    Build your new home or refurbish your existing residential property with our convenient home financing solution - UOB Home Construction Loan, a comprehensive home loan package for borrowers in Singapore.

    Features and Benefits:

    • UOB approves home loans up to 80% of the property depending on the construction needs of the borrower.
    • Customers looking to buy a piece of land and building a home of their choice, purchasing a built property along with the land or renovating their existing residences are eligible to apply for a home construction loan.
    • Making it very convenient for borrowers, UOB offers flexible repayment periods, wherein a customer can repay his home loan with a maximum loan tenure of 35 years or until he reaches the age of 70, whichever is earlier.
    • Once the Temporary Occupation Permit is issued by UOB, this will be converted into a home loan, comprising of principal and the interest rate payment.

    HDB Home Loan

    A HDB home loan is designed as an all-inclusive home financing option, catering to individuals looking to invest on a new or resale HDB flats. Customers are advised to understand and evaluate the pricing for different types of flats available on the HDB website and then take a home loan package that is best suited for them.

    Features and Benefits:

    • In an effort to offer maximum savings, flexibility and convenience to a borrower, UOB sanctions up to 80% of the purchase price of a new or resale HDB flat.
    • Customers can exercise complete control over their finances with UOB’s competitive interest rates and flexible repayment tenures.
    • UOB also provides bridging loans to make the down payment for a customer’s new flat, until they receive the proceeds from the sale of their old property.
    • UOB customers can choose to avail home loans with floating or fixed interest rates, or a combination of both, depending on their financial needs.

    Eligibility for a HDB Home Loan

    • UOB approves HDB home loans for applicants with a total monthly family income of more than S$8,000.
    • UOB requires that applicants do not upgrade to a bigger property while applying for a HDB home loan.
    • Customers who qualify for a HDB concessionary loan can also apply for a HDB home loan.

    Commercial Property Loan

    Looking to invest on a commercial space, build your business? Avail a UOB commercial property loan either to buy a new commercial property or to refinance an existing property at competitive interest rates along with a bundle of benefits.

    Features and Benefits:

    • UOB finances up to 80% of the purchase price of the commercial property or valuation of the property, whichever is lower.
    • Borrowers have the flexibility of repaying the home loan with tenures extending up to 30 years in the form of monthly installments.
    • UOB commercial property loan customers can enjoy a load of benefits like subsidies for legal and valuation fees, attractive interest rates, free valuation and loan processing and preferential interest rates for UOB secured overdrafts.

    UOB Bank Home Loan Interest Rates

    Interest Rate NA
    Margin of Finance Up to 80% of property value
    Loan Tenure 35 Years or up to 75 years of age

    Documentation needed to apply for a UOB Bank Home Loan

    For Singapore Citizens and Permanent Residents:

    • UOB Property Loan Application form – filled and signed.
    • Photocopy of NRIC or Passport.
    • The following Income documents:
      • Most recent computerized payslip or IR8A.
      • 2 years Tax Return (self-employed).
      • 2 years Commission statements (commission based employees).
    • Option to Purchase:
    • Most recent CPF Account Statement (in case of CPF usage).
    • Most recent CPF Withdrawal Statement/Option of Sale for existing property, if applicable.

    For Foreigners:

    • UOB Property Loan Application form – filled and signed.
    • Photocopy of Passport.
    • Photocopy of ID Card for Malaysian Citizens.
    • The following income documents:
      • Most recent payslip/Employment Letter and last 3 months bank statements with salary credit.
      • Last 3 months bank statements and last 2 years Tax Assessment notices (self-employed).
    • Option to Purchase or Sales and Agreement copy.

    UOB Home Loan for Foreigners

    Foreigners wanting to invest in a property in Singapore can do so without any hassles with a UOB home loan alongside additional benefits.

    • UOB provides home loans to foreign nationals as package deals with fixed or floating interest rates, SIBOR pegged interest rates or as a combination of both these interest rates.
    • The bank finances up to 80% of the property value, subject to regulatory requirement.
    • Customers can easily repay a UOB home loan with tenures up to 35 years or until the borrower turns 75, depending on whichever is earlier.

    UOB Home Loan Latest Promotions

    UOB offers several promotional offers which are extremely lucrative and beneficial for the customers.

    • For every home loan referral that you provide, you are entitled to earn up to an amount of S$ 1000.
    • Avail great interest rates with the Home Equity Financing offered by Equity.
    • With UOB Cash Plus feature, you can get cash up to 6 times that of your monthly income.

    UOB Introduce a Friend

    This unique referral programme allows you to earn up to an amount of S$ 1,000 for every single referral. In order to refer someone to UOB Home Loan Scheme, you must be an existing customer of UOB and share all the details of your contact.

    United Kingdom
    Areas financed London
    Home loan purpose Investment
    Property type Residential
    Quantum of financing (% of valuation of purchase price) Up to 70%
    Loan Currency SGD GBP
    Loan Tenure Up to 35 years
    Australia
    Areas financed Sydney Melbourne Perth
    Home loan purpose Investment
    Property type Residential
    Quantum of financing(% of valuation of purchase price) Up to 70%
    Loan Currency SGD AUD
    Loan Tenure Up to 35 years
    Japan
    Areas financed Tokyo Yokohama Osaka Kyoto Fukuoka
    Home loan purpose Investment
    Property type Residential
    Quantum of financing (% of valuation of purchase price) Up to 70%
    Loan Currency SGD JPY
    Loan Tenure Up to 35 years
    Thailand
    Areas financed Bangkok and selected upcountry locations
    Home loan purpose Owner Occupied / Investment
    Property type Residential -Freehold Condos only
    Quantum of financing (% of valuation of purchase price) Up to 70%
    Loan Currency SGD USD
    Loan Tenure Up to 30 years
    Malaysia
    Areas financed Klang Valley Penang Johor Bahru
    Home loan purpose Owner Occupied / Investment
    Property type Residential Commercial
    Quantum of financing Up to 70%
    Loan Currency SGD
    Loan Tenure Residential - up to 35 years Commercial - up to 30 years
    Singapore
    Areas financed Singapore
    Home loan purpose Owner Occupied / Investment
    Property type Residential Commercial
    Quantum of financing (% of valuation of purchase price) Up to 80%
    Loan Currency SGD
    Loan Tenure Residential - up to 35 years Commercial - up to 30 years
    1. How can I make the monthly instalment payments for my home loan?

      You can make your monthly instalment payments by cash, from your CPF funds, through cheque payment at any of the branches of UOB Group or with your designated UOB savings or current account.

    2. Can I make a partial prepayment for my home loan?

      Yes, you can make a partial prepayment for your home loan by giving a written notice one month in advance. You will need to fill and submit the Capital Partial Prepayment Form that can be obtained from any of the UOB branches. Also, penalties might be applicable based on the terms and conditions given in your Letter of Offer.

    3. How can I change the tenure of my home loan?

      In order to change the tenure of your loan, you will need to submit a written instruction to a Home Loan Specialist at any of the UOB Bank branches. You will be charged a processing fee to change the tenure.

    4. How often will I receive loan statements from UOB?

      You will receive loan statements once a year. At the beginning of the year, you will receive a statement for the previous year (till 31st December). You can avail duplicate copies at an additional fee.

    5. What is the maximum loan amount offered by UOB for a HDB home loan?

      The maximum loan amount offered is 80% of the resale price or purchase price of the HDB flat, or the market value of your new house (whichever is lower).

    1. After signing the Letter of Offer with UOB what would be my monthly instalment and when do I have to start making my monthly instalment payments?

      A Loan Disbursement Advice will be sent to you once the loan disbursement is made by UOB Bank. The disbursement advice contains several important information for you including the due date for clearing your monthly instalment payments, the amount of monthly instalment and the amount that has been sanctioned as loan for purchasing a particular property. Please, ensure that you provide your correct mailing address to the bank to prevent any confusion in the future.

      After acceptance of the Letter of Offer with UOB, it takes 10 weeks for the disbursement of the loan for completed properties. You can start paying your monthly instalments for your home loan after you receive the disbursement advice and notice.

      For all the properties that are incomplete and are on deferred or progressive payment scheme, you will be receiving an advice of disbursement of your home loan along with a notice that will inform you about the starting of the monthly instalment repayments for the home loan.

    2. How do I service my monthly instalments and how to avoid late payments?

      Your monthly instalments can be serviced by cheque or cash payment at any UOB Bank branches, via CPF funds, or through designated current and savings account associated with UOB. In case of payment by cheque, it should be made payable to “UOB Ltd.” On the back of the cheque, you must mention the account number for your home loan.

      Ensure that you have sufficient funds in your repayment account associated with UOB in order to avoid any delay in payments. For a Private Property Loan, the date of repayment is the first day of the month. In case of HDB Property Loan, the date of payment is on the 15th of every month. If the date of payment falls on a weekend (Saturday and Sunday) or on a public holiday, then the repayment date is scheduled for the next business / working day.

    3. What should I do if I have some money and wish to pay down the loan amount?

      Make sure that you check your Letter of Offer with UOB Bank before you make any kind of prepayments as there may be charges or penalties applicable for prepayment.

      In order to make a partial prepayment, you must complete the Capital Partial Prepayment Form available at all UOB Bank branches. As per the Letter of Offer with UOB Bank, you must provide a notice period of one month stating your intentions for the partial prepayment.

      If you want to make your prepayment by cheque, then the cheque along with completed Capital Partial Prepayment Form must be sent to the Home Loan Specialist of UOB Bank. You must provide your account details on the Partial Prepayment Form, should you choose to debit the amount from a particular designated account.

      Unless stated otherwise, the existing arrangement for monthly instalments with the bank remains the same, even after the prepayment of the loan.

    4. How can I check the details of the loan?

      There are different ways to check the loan payments:

      • Contact any of the Home Loan Specialists at UOB Bank branches.
      • Make use of the online portal -UOB Personal Internet Banking, to check the details of the loan.
    5. How can I gear up on my property?

      Talk to any of the Home Loan Specialist at any UOB Bank branch and send a request to gear up. The Home Loan Specialist will not only assess the loan amount you have received but will also advise you accordingly.

    1. Are foreigners eligible for a home loan from UOB?

      Foreigners who intend to acquire or purchase residential properties in Singapore for living or investment purpose can apply for a home loan from UOB.

    2. What are the interest rates for loans that are offered to foreigners?

      The home loans offered by UOB are tailored to suit all your requirements and provide a wide range of customizable and innovative home loan packages. Packages offered by UOB include floating rate, fixed rate and SIBOR rate packages. The home loans may also have a combination of any 2 aforementioned packages. For more information, please contact the bank.

    3. As a foreigner, how much can I borrow?

      For a new property purchase in Singapore, you can receive financing up to 80% of the property market value or purchasing price, whichever is lower. For refinancing you can receive up to 90% of the market value of the property or 100% of the total outstanding loan amount.

    4. How can I repay my loan?

      Considering the residential property that is purchased is completed with Temporary Occupation Permit (TOP), all the instalment for the home loan will be payable on the drawdown of the amount of loan and the calculation of instalments will be made depending on the loan tenor and the complete amount of the loan.

      Considering the particular property bought is under construction you can choose to pay the monthly instalments calculated on the basis of the disbursed amount of loan until the TOP is issued. After the Temporary Occupation Permit is released, the calculation of the loan will depend on the outstanding amount clubbed with the amount of loan undisbursed over the outstanding loan tenure.

    5. Is fire insurance extremely necessary?

      Yes, Fire Insurance protects you against an event of fire and the bank requires it to insure your property against such events.

    News About UOB Home Loan

    • For the first time in Asia, covered bonds are sold in dual currencies

      In a first, United Overseas Bank compromised two tranches- a 500 million euros (S$745.8 million) at 0.125% and a US$500 million at 2.125% by selling its second covered bonds.

      This was Asia's first covered bonds issued in dual currency. These bonds are issued under UOB's US$8 billion covered bonds facility by a chosen portfolio of mortgage loans that have been linked to properties in Singapore, the bank informed.

      The USD tranche will mature in the year 2020 and it will receive orders above US$900 million. Banks received 55% of the issue, agencies and central banks received 30% while the remaining others got 15%. The mix geographically was Europe (59%) and Asia (41%).

      02nd March 2017

       
    • Rising rates of interest should not scare the developers

      The stocks of the property developers are being traded at a price that is unjustifiably low. This is happening due to the threat of the increasing rates of interest. However, as per the analysts at United Overseas Bank Kay Hian have enough reasons to believe that this kind of a fear or threat is overhyped and overblown.

      In one of the reports, United Overseas bank Kay Hian mentioned that the increasing rates of interest have very low impact on the developers. This is due to the fact that the cost of financing accounts for less than ten percent of the entire cost of development.

      Another key threat that is currently prevalent is that the demand of buyers will drop at a very fast rate as and when rates of mortgage rise. But United Overseas bank made it clear that even if there is a hike in the rate of interest the affordability factor will still be under control. As stated by UOB Kay Hian, for every 1 ppt increase in the rates of interest there would be a rise of SGD 582 in the monthly payments for mortgage. This would be applicable on a property loan of SGD 1 million which has tenure of twenty five years.

      03rd December 2015

       
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