1. |
What are the benefits of the SBI Residential Mortgage Loan? |
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Attractive Fixed and SIBOR-linked packages |
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Legal and valuation fee subsidy * |
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First year free fire insurance * |
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Interest charged on daily reducing balance |
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Quick processing time |
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*Only for Refinancing/Equity loans. Terms & Conditions apply |
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2. |
What are the eligibility criteria to apply for a mortgage loan with SBI? |
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Borrowers must be of the age between 21 – 65yrs |
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Singapore Citizens, Permanent Residents and Foreigners may apply |
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Minimum income (single/joint) per application is $30,000 per annum for Singapore Citizens, Permanent Residents; S$50,000 per annum for Foreigners |
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Foreigners (both residents and non-residents) are eligible (minimum property value of S$500,000). |
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3. |
What types of properties are eligible for financing? |
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All types of private houses, Condominiums and Apartments – completed as well as uncompleted properties |
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All types of HDB residential units including Executive Condominiums |
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4. |
What purposes do you provide financing for? |
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Purchase of properties (private & HDB)
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Refinancing of existing home loans with other banks |
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Cash-out facilities (Equity Term Loans) against completed private residential properties
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We also provide a bridging loan if you are in the midst of selling your existing property and need assistance with down-payment for your purchase
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5. |
What is the minimum loan amount to apply? |
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Minimum loan amount for completed properties is S$100,000 |
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Minimum loan amount for uncompleted properties is S$300,000 |
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Minimum loan amount for Bridging loan is S$30,000 |
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6. |
What is the maximum loan amount to apply? |
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80% of the net purchase price or valuation, whichever is lower. |
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Net purchase price is the actual purchase price minus the discounts, rebates or any other benefits received from the vendor or any other party. |
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For refinancing, you may borrow up to the 100% outstanding loan amount with the existing financier, subject to Bank’s approval. |
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The maximum loan amount will be determined in accordance with the latest MAS regulations |
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7. |
What is the minimum / maximum loan repayment period? |
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Minimum loan tenure is 5 years |
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The maximum loan repayment period is up to 35 years or 70 years of age, whichever is earlier. For example, if you are 42 years old now, the maximum loan period can be 28 years. The loan duration plus main borrower’s age must not exceed 70 years. |
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8. |
What is the current interest rate? |
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For latest interest rates or to know about our promotional packages, please call us at 6228 1113/ 6228 1116 or email us at homeloan@sbising.com |
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You can also SMS <HL><your full name> to 9833 3430 for more details. |
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9. |
How do I repay my loan? |
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Monthly installments are payable upon first drawdown of the loan and the installment amounts are calculated based on the disbursed loan amount. |
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You must open and maintain a current/savings account with us to service your loan installments. |
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You can also pay your monthly installments using your CPF monies from CPF Ordinary Account. |
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10. |
What are the documents required for a Mortgage Loan application? |
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Completed SBI Mortgage Loan application form duly signed |
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Copy of NRIC/Passport of applicants |
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Income Documents: (as applicable) |
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Latest Computerized pay slip |
b) |
CPF contribution history (latest 6-12 months) |
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Latest IR8A form |
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2 years Income Tax Notice of assessment (self-employed) |
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2 years Commission Statements (commission based) |
f) |
Copy of the Tenancy Agreement (if available) |
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Option to Purchase |
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Latest CPF statement of account (if CPF usage is involved) |
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Latest CPF withdrawal statement for existing property (if applicable) |
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Latest 6 months Loan account statements from existing bank/ HDB (for refinance cases) |
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11. |
What happens if there is a difference between Purchase Price and Valuation Price? |
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To work out the loan quantum, SBI will take the lower of the purchase price or valuation price. If purchase price is higher than valuation price, the difference has to be paid in cash. |
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12. |
Is fire insurance necessary? |
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Yes. Fire insurance is required by the Bank to insure your property against fire. The value is determined by a valuer and the premium is paid annually. |
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13. |
Is there a Lock-in Period? |
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We have various home loan packages with or without lock-in period depending on the promotion/scheme. |
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Contact us now for more details and we will put together a package that suits your needs. |
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14. |
Is there a pre-payment penalty? |
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No pre-payment penalty for no lock-in package |
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For packages with lock-in, a penalty of 1.5% of the loan amount prepaid applies for any partial/full prepayment made within lock-in period. |
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In the case of partial pre-payment, you need to give 1 month notice, and 3 months notice in the case of full redemption of the mortgage loan. |
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15. |
What is the minimum pre-payment amount? |
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The amount prepaid should not be less than S$ 5,000 and any further amounts must be in multiples of S$5,000. |
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