|
Housing Loan for Emigrants
by: Edward Simon
|
|
|
|
|
In Singapore, housing loan packages have two categories: fixed rates or floating (variable) rates.
Singapore fixed rate packages are commonly offered for up to 3 years, but there are some lenders that go up to 5 years fixed rates or even 10 years. In many Western countries, fixed rates can be made throughout the loan tenure.
Floating rates can be categorized into published rates or board rates. Like Singapore Interbank Offered Rate (SIBOR) or Singapore Swap Offer Rate (SOR), published rates are normally rates that are issued daily. Meanwhile, board rates are determined by the respective bank or financial institution. Many of the lenders put their board rates to a particular financial benchmarks, yet the direct elements are sometimes not clear and variations in board rates turn indefinite.
In general, there are no confinements on emigrants getting housing loans in Singapore but do pay attention of the following.
Loan to Value
In Singapore, the maximum loan to value (LTV) is 90% of the purchase price or valuation, whichever is smaller. Housing loan packages for 90% funding are limited as some lenders do not tender maximum LTV to emigrants. Loan approval for 90% financing is also tighter than for LTV 80% and below.
Proof of Income
To get commnedation for a housing loan your current income tax assessment or a letter of appointment from your local employer is essential. Tax assessments from some countries may not be honoured by the local mortgage loaners.
Landed Property
The commendation from Singapore Land Authority is mandatory before emigrants can purchase bounded properties such as vacant estate or landed properties such as bungalows, semi-detached, and terrace houses.
In-principle Approval
You may also consider an in-principle approval before buying. Consider of hiring a reputable and professional housing loan consultant. This may help you save time and money with your loan approval.
Keywords: home loan,mortgage,myhousingloan,myhousingloans,my housing loan,housing loan,business,marketing,investment,financing,mortgage refinance,housing loans
Article Resource
Author: Edward Simon
About the Author:
|