True Steps for the Mortgage Loans Here

Mortgage credit is a medium or long-term bank loan used to finance the purchase of a house or apartment. It is obtained with the fulfillment of various requirements.With information available on the portals of various financial institutions, we present the main requirements that most banks request:

  • An initial fee that ranges from 10 to 20% of the total price of the property.
  • The minimum monthly minimum income of the applicant must be between S / 3 thousand to S / 4 thousand. If the income is higher, there will be more possibilities to pay a lower initial and access a higher-cost property.
  • Do not have debts in the financial system and cancel credit cards.
  • Present ID.
  • Submit payment slips (from the last 3 to 6 months) and show that you work between 6 months to a year in the same company.
  • When the qualification stage has been passed, a file is assembled that must be presented to the financial institution for the disbursement of the loan.

This file must include the Real Estate Registry Certificate (CRI), the document of ownership of the property, the testimony of purchase – sale, the copy of the seller’s ID and an appraisal of the property. The processing of the credit takes between one to two weeks. For the good at mortgage loan Singapore options this is important.

Another option to be accepted as a candidate for a mortgage loan is to access mortgage savings programs:

The Comparable portal recommends saving as much money as possible to meet the first requirement: the initial fee. In this way, the number of years of the loan will be less and you will avoid paying too much interest. Remember that mortgage credit interests can be significant when they are paid each month for several years.

  • Another option to be accepted as a candidate for a mortgage loan is to access mortgage savings programs. It involves depositing a monthly amount (the fee of your department) for a period of at least one year. This savings is transformed into the initial payment required to access the mortgage loan. You can depend on the most trusted money lender in Singapore

Another tip to take into account is to look at the facilities offered by banks, such as the possibility of paying the credit early without penalties. Other advantages are being able to make payments of double installments, lower interest and low prices of the tax or housing insurance. All this can be verified in the value of the quota that financial entities can simulate so that you can make the best decision.

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