|
| |
|
1. |
What are the benefits of the SBI Residential Mortgage Loan? |
| |
• |
Attractive Fixed and SIBOR rate packages |
• |
Legal and valuation fee subsidy * |
• |
First year free fire insurance |
• |
Interest charged on daily reducing balance |
• |
No hidden costs |
• |
Quick processing time |
| |
*Terms & Conditions apply |
|
|
|
| |
|
2. |
Eligibility Criteria? |
| |
• |
Borrowers must be between the age of 21 – 60yrs. |
• |
Singapore Citizens and Permanent Residents can apply |
• |
Foreigners (Both residents and non-residents) are eligible subject to the following conditions |
| |
a. |
Minimum loan amount SGD 500,000 |
b. |
Maximum LTV 60 % |
|
|
|
|
| |
|
3. |
What types of properties are eligible for financing? |
| |
• |
All types of completed Private houses, Condominiums and Apartments |
• |
All types of HDB residential units including Executive Condominiums |
|
|
|
| |
|
4. |
For what purpose do you finance? |
| |
• |
For purchase of completed properties |
• |
For refinancing of existing home loans |
|
|
|
| |
|
5. |
What is the minimum loan amount to apply? |
| |
Minimum loan amount of SGD 100,000 |
|
|
| |
|
6. |
What is the maximum loan amount to apply? |
| |
• |
80 % of the net purchase price or valuation price whichever is lower in case of properties for owner occupation |
• |
60 % of the net purchase price or valuation price whichever is lower in case of properties for investment purpose |
• |
Net purchase price is the actual purchase price minus the discounts, rebates or any other benefits received from the vendor or any other party |
• |
For refinancing you may borrow up to the 100% outstanding loan amount with the existing financier, subject to Bank’s approval |
|
|
|
| |
|
7. |
What is the minimum / maximum loan repayment period? |
| |
• |
Minimum loan tenure to be 5 years |
• |
The maximum loan repayment period is up to 25 years or 65 years of age, whichever is earlier. For example, if you are 45 years old now, the maximum loan period can be 20 years. The loan duration plus age must be less than or equal to 65 years. |
|
|
|
| |
|
8. |
What is the interest rate? |
| |
For latest interest rates or to know about our promotional packages please call us through 6228 1113/ 6228 1116 or email us to contactus@sbising.com |
|
|
| |
|
9. |
How do I repay my loan? |
| |
• |
If you buy a completed property, full instalments will be payable upon drawdown of the loan and the instalments are calculated are based on the full loan amount. |
• |
You can open a savings account with us and set up a standing instruction from which you can pay the monthly instalments |
• |
GIRO facility is also available |
|
|
|
| |
|
10. |
What are the documents required for a Mortgage Loan application? |
| |
• |
Completed SBI Mortgage Loan application duly signed |
• |
Copy of NRIC/Passport of applicants |
• |
Income Documents: (as applicable) |
| |
a. |
Latest Computerised payslip |
b. |
Latest IR8A form |
c. |
2 years Income Tax Return (self-employed) |
d. |
2 years Commission Statements (commission based) |
e. |
Copy of the Tenancy Agreement (other source of income) |
|
• |
Option to Purchase |
• |
Latest CPF statement of account (if CPF usage is involved) |
• |
Latest CPF withdrawal statement for existing property (if applicable) |
• |
Latest 6 months Loan account statements from existing bank/ HDB (For refinance cases) |
|
|
|
| |
|
11. |
What happens if there is a difference between Purchase Price and Valuation Price? |
| |
The bank will take the lower of the purchase price or valuation price while arriving at the loan quantum |
|
|
| |
|
12. |
Is fire insurance necessary? |
| |
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. As our home loan customer, we will pay the premium for the first year on your behalf. |
|
|
| |
|
13. |
Is there any Lock-in Period? |
| |
• |
Yes, In case of fixed interest rate, there is a lock-in period of two years. |
• |
Yes, For floating rates, there is a lock-in , but dependent on Promotion / Scheme. |
|
|
|
| |
|
14. |
Is there any pre-payment penalty? |
| |
• |
In case of SIBOR based loans, there is no pre-payment penalty. However, for prepayment during the Lock-in period, there would be penalty of 1.5% on the amount prepaid. |
• |
In case of Fixed rate loans you need to pay 1.5 % of the amount pre-paid (in case of both partial pre-payment and full pre-payment) |
• |
In case of partial pre-payment you need to give 1 month notice, and 3 months notice in case of full redemption of the mortgage |
|
|
|
| |
|
15. |
What is the minimum pre-payment amount? |
| |
The amount prepaid shall not be less than S$ 10,000 and any further amounts must be in multiples of S$10,000 |
|
|
| |
| |
