Post the announcement by MAS on the TDSR framework, there were some confusion and dilemma faced by property buyers. If you intend to pledge assets to obtain a property loan, please read on how it is being implemented.
Singapore banks have launched various home loans pegged to fixed deposit rates since 2015. Today, 5 banks (3 local – DBS, OCBC, UOB and 2 foreign – Standard Chartered and Maybank) are competing in the market with their attractive home loans.
Topics: approval in-principle
What is a 3-generation (3Gen) flat?
3Gen Flats were launched in September 2013 to cater to multi-generation families living under one roof, providing everyone with their own space and privacy yet foster closer family ties at the same time.The units are approximately 115 square meters (which is 1238 square feet) and come with 4 bedrooms – 2 of which have ensuite bathrooms. There’s also a common bathroom, living and dining area, kitchen, service yard and a storage-cum-apartment (aka bomb) shelter. These sizes are considered relatively large and is perhaps similar to the maisionettes.
UOB Singapore offers mortgages for properties located in Singapore, Malaysia, Japan (Tokyo), Australia and UK (London). They will lend against residential, commercial and industrial properties in Singapore, be it owner occupation or investment. Outside Singapore, selected residential properties for investment purpose are accepted securities to the bank. The mortgage products are pegged to fixed rates, 3M SIBOR, internal board rates, 36M fixed deposit property rate (36M FDPR) and Cost of Funds for overseas properties.
Maybank Singapore offers mortgages for properties located in Singapore, Malaysia,Australia and UK (London). They will lend against residential, commercial and industrial properties in Singapore, be it owner occupation or investment. Outside Singapore, selected residential properties for investment purpose are accepted securities to the bank. The mortgage products are pegged to fixed rates, 3M SIBOR, internal board rates, 36 Months Fixed Deposit Rate (FDMR36) and Cost of Funds for overseas properties. Refinancing customers of Singapore mortgages may enjoy subsidies to cover conveyancing fees.
A summary on everything you should know about the new Total Debt Servicing Ratio (TDSR) framework by MAS. All financial instituitions in Singapore must adhere to the guidelines. Let's find out the subtle points of TDSR.
Read our commentary in the Singapore Business Review on what property buyers and owners must know about the MAS Debt Servicing framework introduced on June 28 2013.
There are many documents required to process a home loan application. You have to submit different ones depending on whether the application is for a new purchase or refinancing. Prepare the following documents for our mortgage consultants to assess and process your application. The documents may differ slightly based on each bank requirements. Treat this as a guide but always check with us.
Topics: approval in-principle
Coincidently while having lunch with a friend who recently got hitched, I found out they are looking to purchase their first home! However it seems like most newly married young couple like my friend do not understand the process of getting a loan and what are the desired steps that will lead to a smooth journey in securing a home loan for their first matrimonial home. With so much information and banks to look at, it can be hard to digest. For starters, it would be good to consult home loan comparison companies like us, where our experienced independent mortgage consultants can advise and guide you along the journey.