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Mortgage Finance Refinancing

Finance and mortgage for your home in Singapore comes from a slightly different source than the conventional. The Central Provident Fund (CPF) is what mainly Finances and mortgages your living and since it is already a mandatory savings scheme there is no further relevant burden on one's pocket. CPF originated on 1 July 1955 as the government funded pension program by the Colonial British Government. CPF allowed property purchase during the 1970-80 decade for both public and private housing schemes. And people are rapidly taking advantage of this Finance and mortgage offer to buy up more properties. There is no doubt that this scheme is what is responsibly today for 92% Singaporeans having a home and has promoted house ownership manifold.


Although there are private housing schemes in Singapore, the majority (up to 80%) of housing is provided by the public sector of Singapore, but CPF Finance and mortgage is available for both types of projects.

 

The public housing society is under HDB (short for Housing and Development board). One of the world’s finest public sector organizations and as the name suggests responsible for facilitating a group of clientele that was once the lower classmen of Singapore but is now catering all the different classes of Singapore but its diversified types of projects. I have written detailed articles on HDB.

The public sector has executive sections, new constructions and resale sections, while the new constructions are sold at subsidized rates, to facilitate new house owners.

 

The private sector isn’t regulated as well as the public sector and receives lesser subsidies, hence the game is largely in the favor of HDB, and it has units in the entire prime and less known locations too.


How to get Finance and mortgage In Singapore?


There are two main sources of Finance and mortgage in Singapore, the HDB public finance sector and the commercial finance sector, you have to see which sector you would choose, spending on what you expect from a mortgage and the price and markup you are ready to bear.


You can even get a subsidy on your Finance and mortgage if you qualify for that. It’s easy if you are going to own a house for the first time or if you are upgrading to a better and spacious unit. Those who do not qualify for this, generally have to take the option of going to the commercial or private sector for Finance and mortgage.


Interest rates on finance and mortgage in Singapore range from 1.6%1 to 3.75% for the fixed rate mortgage and 1.59% to 3.4% for the flexible rate mortgage, with the highest tenure is 35 years, providing an excellent loan to value ratio of 80%.

The above estimate is an average of the Finance and mortgage rates offered by HSBC, Hong Leong Singapore Finance, NTUC, OCBC, DBS, May Bank and United Overseas Bank .

 

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Buy Sell Rent Invest Singapore Property

 

Mindy Yong 杨雯诗

 

CEA Registration Number : R021232Z

 

Tel: (+65) 91002985


Fax: (+65) 64021826

 

mindy@mindyyong.com ( email me )

 

 

 

 
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