A panel of bankers has been appointed to assist qualified buyers in securing housing loans. However, the final decision rests with you, as you are free to choose any bank or financial institution of your preference.
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 the loan application form with all required supporting documents.
Interview conducted by the bank or finance company.
Issuance of the Letter of Offer upon loan approval by the bank or finance company.
Acceptance of Offer – You must sign the Letter of Offer and return it to the bank/finance company, with a copy submitted to the developer.
Preparation of Loan Documents – The bank/finance company instructs their solicitor to prepare loan documentation, which may include:
Deed of Assignment and Loan Arrangement (for strata units), or
Memorandum of Transfer (Form 14A) and Charge Form (for landed units with individual titles).
Execution of Loan Documents – You will be advised by the bank/finance company to sign the loan documents at the appointed solicitor’s office.
Submission to Bank/Finance Company – The executed loan documents are forwarded to the bank/finance company for completion.
Execution by Developer – The solicitor will then forward the documents to the developer for execution of the Memorandum of Transfer.
Stamping and Registration – After execution, the documents are returned to the solicitor for stamping and registration. The stamped copies are then sent to the bank/finance company for safekeeping, with copies provided to both the purchaser and developer.
Progressive Release of Payments – The bank/finance company will release payments to the developer progressively, in accordance with the Third Schedule of the Sale and Purchase Agreement, upon receipt of the developer’s invoice.