Purchasing property in Singapore is an expensive affair. Buyers would need to take up mortgage loans in order to finance the purchased properties. Banks in Singapore offers various mortgage loans. Before committing, it is essential to analyse the eligibility criteria, Singapore mortgage rates, loan tenure and any additional benefits offered.
What to look for in a mortgage loan in Singapore?
Every bank offers a different mortgage loan scheme. It usually includes processing fees, supplementary charges, loan tenure, fixed and variable rates, repayment options and insurance. To get the most out of a mortgage loan, search for the lowest Singapore mortgage rate with a convenient repayment scheme.
What are the tax benefits one can attain?
The principal instalments are not tax deductible. However, interest payable on mortgage loans to finance the property is tax deductible. Supplementary home improvement charges and maintenance are also tax deductible.
Mortgage loans ease the process of buying a home without the financial stress.
Where can one get a mortgage loan?
Singapore residents can apply for mortgage financing from various sources such as reputable financial institutions, brokerage firms, and the Housing Development Board (HDB).
• Reputable Banks
Banks are the most preferred source for getting a mortgage/housing loan. An applicant needs a good credit history, stable income, and monetary assets in order to get approval on the mortgage.
• Concessionary Loans
HDB provides concessionary loans to only Singaporean citizens, with monetary distress. The eligibility requirements are,
 Buyers cannot own a private residence in Singapore or elsewhere;
 Monthly income must not exceed S$12,000 (family income – S$18,000).
• Loan advisors
Are mediators that can help one secure a suitable loan, by merely suggesting the best loan appropriate for one’s needs. However, it is vital to consider a broker with experience, credibility, and knowledge. When opting for a mortgage advisor/broker a fee is applicable on the purchase, which increases its price.
It is important to consider a broker with experience, credibility, and knowledge. Calculate the loan amount required based on the house price and your financial capability to service the loan. Compare and research the market diligently to choose the best mortgage loan in Singapore.
Keywords: mortgage loan, mortgage/housing loan
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