Housing Loan for Emigrants
In Singapore, housing loan packages have two categories: fixed rates or floating (variable) rates.
Fixed rates are sometimes offered for up to 3 years. Still, other lenders can offer up to 5 years or 10 years. In many Western countries, fixed rates can be made throughout the loan tenure.
On the other hand, floating rates are classified 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 released daily. Meanwhile, board rates are specified by the respective bank or financial institution. Most lenders attach their board rates to certain financial bech marks such as the SIBOR but the precise elements are often obscure and variations in board rates tend to be shifting.
In general, there are no limitations 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 extend maximum LTV to emigrants. Loan approval for 90% funding is also tighter than for LTV 80% and below.
Income Proof
To obtain approval for a housing loan your latest income tax assessment or a letter of appointment from your local employer is required. Some local loaners do not honor tax assessments from other countries.
Landed Property
The commendation from Singapore Land Authority is necessary before emigrants can purchase restricted properties such as vacant land or landed properties such as bungalows, semi-detached, and terrace houses.
In-principle Approval
Try to apply for an in-principle approval before carrying on with a purchase, since loan applications are more intricate for emigrants. Consider to hire a respectable and professional housing loan consultant. This may help you spare time and money with your loan approval.
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