Bank Loans

Sometimes, it is rather unpleasant to be running around seeking for the most suitable bank loan with the best hassle-free repayment scheme. The most important thing on bank loans is how you will benefit from such a long-term commitment. Do take a considerable amount of time in weighing which bank loan is most suitable for your needs. The worse thing that could happen is to be burdened with excess fees you never knew existed.

Here are some pointers you should consider when applying for a bank loan

Proof of Eligibility

Age
Financial Record or Statements
Financial Credibility
J Form (Borang J)
Photocopied NRIC

The required proofs of eligibility vary from one bank to another

Bank loans

Interest Rates
Upfront Payment
Including Government Stamp Duty and lawyers fees.
Consider 2 - 3% of purchase price is a safe benchmark
Margins of Financing
Up to 90% margin to locals
Up to 60% margin to foreigners
Guarantor
Duration of Repayment Period
Flexibility in Return Payment
Branch Availability
Miscellaneous
Insurance
Minor improvements and renovations etc.