A Guide on Home Loan in Singapore

You are in Singapore and are also looking to get the perfect plan for the Home loan, then there are few criteria, definitions, regulations, etc. are there which you should know about. Before applying for any type of loan, getting familiar with the concept is necessary as it helps to take the right decision. For buying any private residential property/HDB, if you wish to go for the loan option then you should choose the plan on the basis of your needs and requirements. There are few factors which should be cross checked before finalizing the plan, such as Interest rates, the tenure of the loan, flexibility in the amount of payment, other pros, and cons related to the bank or institution you are considering.

Few of the factors which influence the decision regarding your home loan falls in the category of eligibility criteria. So it’s better to know the soil before plowing it. Following are the various eligibility criteria or the loan you need to apply and these criteria are generally followed by all the banks.

  • How many housing loans you have or had?
  • Your age
  • Exact figures of your fixed and variable income (do not forget bonus/allowances/rentals)
  • Your financial assets in detail (For e.g. Stocks and Shares/Cash/Unit Trusts/Bonds)
  • Any other liability
  • Your company’s liability or any professional liability in financial terms

There are many companies who will structure your complete loan on the basis of your financial needs and will help you to get the best plan. The act as the support for your financial needs.

Various home loan options offered by these companies includes:

  • Swap Offer Rate (SOR)
  • Fixed Rates
  • Singapore Interbank Offer Rate(SIBOR)
  • Internal Bank Board Rates
  • Fixed Deposit Linked Rates

So think twice before choosing the plan and connect with the company how can help you in the process, by helping in the formalities as well as finances too. To view more visit http://www.equitysolution.com.sg/

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