HOW WE GET YOU THE BEST PRIVATE PROPERTY HOUSING LOAN
Professional Mortgage Advice
Be assured of securing the maximum bank loan needed for your private property purchase before placing the Option Fee. Our preliminary IPA process can be done in as fast as 15 mins. Get bank indicated property valuations from us to ensure that you get a fair deal and be guaranteed of professional conveyancing through our partner law firms.
Customised Mortgage And Rewards
Our mortgage consultants will recommend various strategies and negotiate for exceptional conditions for your housing loan with major banks in Singapore. This is to ensure you have the flexibility in your new private property for either your own stay or as an investment to generate rental income. Enjoy exclusive rewards and promotions offered by us for your mortgage.
Hassle-Free Mortgage Review
DollarBack Mortgage tracks the lock-in period of your housing loan for your new private property so that you get alerted by our mortgage consultants when it is time for a refinancing. We then start the process of getting you the best refinancing home loan deal in Singapore so that you don’t pay a single day of higher interest.
QUESTIONS FOR A NEW PRIVATE PROPERTY HOME LOAN
The maximum loan to value (LTV) for your first private property in Singapore is 75% and the corresponding maximum tenure is 30 years. If you wish to extend your tenure up to the regulatory limit of 35 years, your LTV will then decrease to 45%. Different banks offer home loan rates therefore always compare the BEST PRIVATE HOME LOAN RATES IN SINGAPORE.
The amount of CPF that can be used as the initial down payment will depend on the loan amount you qualify for. Assuming you qualify for the maximum loan amount of 75% of your purchase price and taking into account the mandatory 5% cash down payment required, the balance 20% can then be made with your CPF funds in your Ordinary Account (OA).
A bank provided property valuation determines the maximum housing loan amount for both a refinancing and new property purchase. While looking at recent resale transactions through publicly available sources can provide an indication, a BANK INDICATED PROPERTY VALUATION is the most accurate.
Our partner conveyancing law firms provide discounted fees which include CPF fees, mortgage stamping, stamp fees and GST. Usual legal fees range from $2,00 to $2,300 for a new private property purchase.
The short answer to this is a Yes. But it will require having significant cash savings to be locked in with a specific bank for a period of 48 months. For calculating the amount of savings needed, a simple breakdown is as follows, say you are looking to get a home loan of around $800,000. The monthly installment applicable at an interest rate of 3.50% over a tenure of 30 years is around $3,600.The applicable savings amount to be pledged to the bank in order to PASS TDSR REQUIREMENTS is then approximately $300,000. Do note that the savings will be locked in with the bank once your mortgage has been approved and cannot be withdrawn for a period of 4 years or used towards the downpayment of the private property you are intending to purchase. Also, only certain banks and not all can grant a bank loan using this method.