Singapura Finance Home Loan
About Singapura Finance home loan
Singapura Finance Ltd. is an established company that offers financial products since 1950. The company was formed 66 years ago as the Federal and Colonial Building Society Ltd., whose main purpose is to provide financing and other assistance to building construction and related activities. The company rebranded as Malaya Borneo Building Society Ltd. in 1956 and started offering the predecessors to the SIngapura Finance home loan and deposit products in 1963, the same year that it became a publicly listed company. The company once again renamed as Singapura Building Society Ltd., its longest-standing name, in 1969, before rebranding into its current name in 2002.
There are seven Singapura Finance branches: one head office and six customer centres located all over Singapore. The financial institution is one of the three finance companies in Singapore under the Finance Company Act. All deposits with the company, including the Singapura Finance fixed deposit, are insured with the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor, regardless of the Singapura Finance fixed deposit rate prevailing in the market.
Singapura Finance home loan
To apply for a Singapura Finance home loan, a prospective borrower must be a Singaporean citizen, a Singapore permanent resident or a foreigner at least 21 years old. A foreigner applying for the loan must provide a local guarantor who will assist him in securing a loan. Take note that the loan must be used on properties in Singapore only. In addition, a borrower must not have a total debt servicing ratio of more than 60%; meaning, he must not end up paying more than 60% of his income in debt payment after securing the mortgage loan.
An applicant for the Singapura Finance home loan must submit a photocopy of the National Registration Identification Card and/or passport, as well as proof of income (such as latest Income Tax Notice of Assessment, IR8A form or pay slips), and the latest statement from the Central Provident Fund, if it is being used.
Singapura Finance home loan: Mortgage loan
The mortgage loan, Singapura Finance’s home loan product, is catered to people who need financial assistance in buying a home. This home financing package, which has no processing fees, comes with an interest rate of 2.28% per annum at the lowest, with the interest of the loan being calculated based on the outstanding balance from the previous month. The applicable interest rate for each loan will be fixed for the first two years.
The maximum amount that Singapura Finance can loan to you is 80% of the purchase or valuation price of the property, whichever is lower, subject to some restrictions. A borrower can opt to repay his debt for up to 35 years or until he is 65 years old, whichever is sooner.
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