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BANK LOAN FOR CONDO IN SINGAPORE

Buying property in land-scarce Singapore is a big-ticket purchase, more so for private properties like condominiums. The prices of condominiums can reach upwards of $1 million, which is a hefty amount to fork out. As a result, many naturally seek out condo housing loans to finance their property purchase.

It is worth noting that the terms of bank loans would vary in their interest rates and special terms. As such, it is crucial that you do your due diligence to navigate the real estate jargon, effectively cutting through the white noise, to land yourself a mortgage package that offers you the best value for your money.

UNDERSTANDING CONDOMINIUM DOWN PAYMENTS

As with most HDBs, purchasing a condominium unit will also require you to make an initial down payment. The amount will vary depending on the following factors:

  1. Loan-to-Value (LTV) Limit: the maximum amount that you qualify for when applying for a bank loan
  2. The outstanding condo down payment, of which you can pay a percentage by using your CPF funds 
  3. The minimum cash down payment, which is typically 5% of your purchase price
  4. Stamp Duty (BSD and/or ABSD). This will require you to pay in cash first, after which you can request a reimbursement from CPF

ENGAGE IN DOLLARBACK MORTGAGE SERVICES

If you are in search of a bank loan to help finance your condominium mortgage, let DollarBack Mortgage assist you. With a network of over 50 mortgage bankers, our expert team of mortgage specialists are committed to finding the ideal bank loan package that fits your needs. 

In addition to professional advice, you can also stand to enjoy exclusive vouchers, rewards and rebates when you engage our services. Get up to S3,300 worth of cash rewards and discounted legal fees to enjoy maximum savings. Contact us to learn more about our promotions today.

FREQUENTLY ASKED QUESTIONS ABOUT BANK LOAN FOR CONDO IN SINGAPORE

Do I need to Stamp Duty (BSD or ABSD) in cash?

Buyer’s Stamp Duty (BSD) is an extra cost to note when making your condominium down payment. If you are a Permanent Resident (PRs) or foreigner, however, you will need to also factor in Additional Buyer’s Stamp. For your first property purchase, PRs can expect to pay a 5% tax, whereas foreigners will need to pay a tax of 20%. You can use your CPF funds from your Ordinary Account, but note that it will be on a reimbursement basis.

Can I finance my condominium purchase with a HDB loan?

No, HDB loans are only eligible for public housing. Condominiums, which are considered private property, will not be able to leverage on such loans.

What is the maximum loan tenure?

For condominiums and other types of private residences, the maximum home loan tenure is up to 35 years.