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.