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Housing Loan for Emigrants

Todays Date: October 20, 2018

There are two types of housing loan packages in Singapore: fixed rates or floating (variable) rates.

Singapore fixed rate packages are usually offered for up to 3 years, but there are some lenders that cover up to 5 years fixed rates or even 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. Many of the lenders placed their board rates to a certain financial benchmarks, yet the accurate constituents are sometimes not clear and variations in board rates become uncertain.

In general, there are no confinements on emigrants starting 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 loaners do not extend maximum LTV to emigrants. Loan approval for 90% funding is also stricter than for LTV 80% and below.

Proof of Income

To have approval for a housing loan your current income tax assessment or a letter of appointment from your local employer is necessary. Tax assessments from some countries may not be honored by the local mortgage lenders.

Landed Property

The commendation from Singapore Land Authority is necessary before emigrants can buy bounded properties such as vacant land or landed properties such as bungalows, semi-detached, and terrace houses.

In-principle Approval

You may also take an in-principle approval ahead purchasing. Consider of hiring a respected and professional housing loan consultant. This may help you spare time and money with your loan approval.

Find out more about a premier Housing Loan advisory firm, providing Housing Loans with free mortgage broking.

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