Housing Loan for Expatriates |
Overview
 Housing loan packages in Singapore can be broadly defined into two
categories: fixed rates or floating (variable) rates.
Fixed rates packages in Singapore are normally offered for up to 3 years. There
are a few lenders that extend up to 5 years fixed rates or even 10 years. This
is, however, quite different from many Western countries where rates can be
fixed throughout the loan tenure.
Floating rates in Singapore can also be classified into published rates or board
rates. Published rates are basically rates that are published daily, example
being the Singapore Interbank Offered Rate (SIBOR) or Singapore Swap Offer Rate
(SOR), whereas board rates are determined by the individual bank or financial
institution. Most lenders peg their board rates to certain financial benchmarks
such as the SIBOR but the exact constituents are often unclear and variations in
board rates tend to be opaque.
Generally, there are no restrictions on expatriates taking up housing loans in
Singapore but do take note of the following.Loan to Value
The maximum loan to value (LTV) in Singapore is 90% of the purchase price or
valuation, whichever is lower. Housing loan packages for 90% financing are
limited as some lenders do not offer maximum LTV to expatriates. Loan approval
for 90% financing is also stricter than for LTV 80% and below.
Income Proof
Your latest income tax assessment or a letter of appointment from your local
employer is required to get approval for a housing loan application. Do note
that tax assessments from some countries may not be accepted by the local
mortgage lenders. For a complete list of documents required for a housing loan
application, please refer to
http://www.myhousingloan.com.sg/housing-loan-basic-info.php.
Landed Property
Expatriates need to take note that approval from Singapore Land Authority is
required before they can purchase restricted properties such as vacant land or
landed properties such as bungalows, semi-detached and terrace houses.
In-principle Approval
 As housing loan applications are relatively more complicated for expatriates,
you may want to apply for an in-principle approval before proceeding with a
purchase. A creditable and professional housing loan advisor helps save you time
and money so it makes sense to engage one to assist with your loan approval.
For a non obligatory consultation, please fill in
the enquiry form and you will be contacted shortly. |
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