Normally housing loans are only offering to purchase a new house or renovation costs but there are bridging loans. Researching about different types of loans, there are new types of loan come into your library of the term to master. The new term is this bridging loan.
How Can A Bridging Loan Assist You?
The bridging loan is a beneficial loan for the people that fall in a specific set of conditions. They may need a fund to do downpayment to purchase a new home but, on the other hand awaiting the settlement for the sale of their previous property to come through. Actually, they have the fund incoming to make the payment just the timing of the process is to make the short falling on finance. Bridging loan is the best solution to sort this circumstance.
Reduce The Pressure
It is seemed like a little bit confusing, by granting you to make your existing home as the downpayment for the new real estate. A bridging loan is reducing a huge amount of your overwhelming force to get your dream house as fast as possible. This bridging loan can serve you moving to the next step smoothly. This loan also serves you to do your matter sorted out correctly without any wasted time consuming.
Jump The Queue
One of the major advantages of a bridging loan is to assist you to get a real estate while waiting for the existing property settlement. The possibility is the property you desired may be sold by the time your settlement is done. By making use of bridging loans, you can remove the time gap and get the desired property while it’s still active on the market.
In fact, you only need to pay the interest with a bridging loan until you can get the settlement. This loan allows you to have flexible finance to assist you to move the thing along.
Residential Bridging Loans
Bridging loans also can propose in another way. That is known as a residential bridging loan; you can take out short-term finance and use your existing property as the collateral until the property sold. Usually, the residential bridging loan is make use to enhance your current property, if it needs to do some minor renovation to get is the sale.
Most of the time to fascinate a buyer, your property needs do much work it is going to cost too much money to make those improvements.
In fact, bridging loan provides you with a chance to gain your future revenue. By make use of bridging loans that helping you to enhance the value of your current real estate. Most of the property owner makes use of this solution.
By using this bridging loan, you can maintain your finances in check and use the future profits you intend to get from selling your real estate to cover the expenses.
– Advantage of bridging loan
- The repayment cycle time of up to 6 months
- During the repayment tenure, the service interest will be included.
- Repayment to the principal after you receive a settlement from your existing property.
- Lowest interest rates
( There are terms and conditions apply. )
– Eligibility and Qualification
- Singaporeans/Permanent resident of Singapore (PR)
- 21 years old and above by Ministry of Law
- Minimum annual income is S$30,000 and above
- Evidence of sale for the current property
- The bridging loan must apply together with a home loan for a new purchase
- Borrowers must pay at least 5% cash downpayment using their own money
– Charges (all moneylender may vary)
- There are no processing fees.
- Overdue will have charges in addition to regular interest
- No pre-payment/cancellation fees
– Required Document
Documents to submit have to attach with the application form
(originals must bring along for face to face verification)
If the existing property to be a sale is an HDB
- Option to purchase for current property
- Latest CPF withdrawal statement for current property
- bank account statement/HDB showing latest loan balance
- 1st appointment letter get from HDB
- In-principle approval letter get from HDB
- Letter of authorization to HDB
- Letter of the undertaking by a law firm acting in the sale
- Any warning letter on current property
If the existing property to be sale is a private property
- Duly exercised the option to purchase for current property
- Latest CPF withdrawal statement for current property
- Account statement from current bank/HDB showing latest loan balance
- Exercise letter from the buyer’s lawyer
- Letter of the undertaking by a law firm acting in the sale
- Any warming letter on current property
Approval of this loan application is based on the bank’s discretion.
Select A Most Trustworthy licensed money lender to apply for this loan – 1st Credit SG
Actually, the development of the money lending market is the advantage to most of the borrowers. Bank loans, not the only solving process selection for borrowers since there are licensed money lender growing. In case, you need urgent finance there are many resources available. Money lender becomes the most preferred solution for changing many people’s lives become wonderful. Commonly money lender loan approval process is shorter than the bank and offering the flexibility of repayment.
1st Credit SG formerly known as Ariksha Licensed Moneylender. 1st Credit SG is one of the most reliable and trustworthy in Singapore since the year 1989. Our professional consultancy can produce the best package with a solution for every customer. Therefore we have many customer satisfaction with repeat customers and referral customers. Besides that, 1st Credit SG is offering the lowest interest rate of all loan products which you deserve for cost-saving. Our contract is transparent compare to other dishonest money lenders that include hidden charges and administrative fees that will become a heavy load of repayment.
For more information and enquiries about our bridging loan or other loan product
do not hesitate to call us at +65 6266 5422 or email 1stCreditSGPteLtd@gmail.com
Visit our office at 149 Rochor Road #01-07 Fu Lu Shou Complex Singapore 188425.
If you are planning to carry on to the sale of your current property, we are offering bridging loans to allow you to make the necessary down payment. Therefore you will not miss the chance to buy your dream home.