Private Sector Loan Applicants

 

A panel of bankers have been appointed to provide loans to those who qualify, but the final decision lies with you as you are free to choose any bank/finance company of your choice.

The documents required to apply a loan are:-

  • Original copy of the Sale and Purchase Agreement
  • Copy of the title deed if available
  • Photocopy of your IC
  • A copy of your last 3 month’s pay or your last 6 month’s bank statement (if self-employed)
  • Letter of confirmation on income and years of service from your employer
  • A copy of Income tax return/EA form for the past 3 years

Sequence of Loan Processing

  • Submission of loan application form with the necessary documents.
  • Interview by bank/finance company.
  • Letter of Offer upon approval from bank/finance company.
  • The Letter of Offer fully signed by you as acceptance of the offer and returned to the bank/finance company with a copy to the developer.
  • Bank/finance company’s letter of instruction to their solicitor to prepare the loan document which may be either:
  1. Deed of Assignment and Loan Arrangement (for Strata Units); or
  2. Memorandum of Transfer Form 14A and Charge Form (Landed units with individual titles).
  • Letter from bank/finance company advising you to execute loan documents at solicitor’s office.
  • Loan documents forwarded to bank/finance company for execution.
  • Loan documents returned to solicitors who will forward to developer for execution of Memorandum of Transfer.
  • Executed loan documents returned to solicitor for stamping and registration. Stamped loan documents forwarded to bank/finance company for safe keeping. A copy each is given to purchaser and developer.
  • Bank/finance company will release payments to developer progressively in accordance to the Third Schedule of the Sale and Purchase Agreement upon receipt of our invoice.
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