Expat Mortgages in Singapore
Many expats move to Singapore each year.
While renting many people do look to buy property in Singapore after a few years. Commonly, these expats own real estate in their country of origin subject to a loan or mortgage.
A Singapore bank generally offers more competitive interest rates than the expat country of origin bank. An expat may therefore consider taking advantage of the Singapore interest rate by “transferring” or refinancing the loan to a Singapore lending bank.
Singapore mortgage services offered by banks cater for expats from throughout the world. However, Singapore mortgage lenders require a fixed “loan to value” ratio on a Singapore loan.
As the security is in your home currency, and the loan is in Singapore currency, any adverse currency movements can lead the Singapore lenders to request additional capital to maintain the loan to value ratio.
Expats on employments passes or “S Passes” are eligible for purchase of Singapore property provided such property is on the list of approved property types by the Singapore Land Authority. Lending rules for a Singapore loan centre around the serviceability of the loan and the loan to valuation ratio.
Costs in Singapore on the purchase of property include stamp duty and legal costs. Singapore stamp duty can be quite high, as foreign purchasers pay an additional 15% on the stamp duty amount liable to be paid.
Our E-team member can assist you with finding the right loan and the right bank for your needs. If you are looking to buy a property in Singapore, it is vital that you work with a mortgage broker to ensure that you get best deals available.
Aussie Expat Home Loans Pte Ltd
Founded by former NAB Private/Personal Banker, Tim Raes, Aussie Expat Home Loans guarantees best home loan deals for expats living in Asia.
Apart from finding the best home loan deals, they also help review existing loans for possible restructuring, that which would better suit your means.
To know more about Aussie Expat Home Loans, please see contact details below:
Contact Person: Tim Raes