Loan Article Resource Blog


Singapore Home Loans FAQs

Posted in Loan Services by elitemoneylenders on January 30, 2012
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Most financial experts would advise that renting a home is not a wise financial move and that purchasing a home is still more cost effective. However, in these tough financial times, purchasing a home can seem impossible. However, Singaporean home loans offer more flexibility for potential homeowners to own their own properties. For those who are looking into applying for such a loan, here are a few frequently asked questions that will be helpful in the application process.

 

What do banks or financial institutions refer to when determining my eligibility for a housing loan?

Banks and financial institutions will have their own screening process for applications for housing loans. In general, they will be checking your monthly income, your Central Provident Fund contributions and savings, current credit rating and other financial commitments and other factors such as your age, nationality and employment.

How much will be the loanable amount for a home loan in Singapore?

A borrower can usually borrow up to ninety percent of the value of the house or the purchase price, depending on which one is lower. There are also other factors to consider such as the borrower’s income and credit background.

Can I use my CPF to purchase a house?

Yes. However, there are certain criteria that should be met such as the amount of time the house in on lease as well as the borrower’s financial background. There are other guidelines that should also be considered and it would be best to refer to the CPF website.

Can the down payment for the house be included in the home loan as well?

Unfortunately, no. The down payment should be paid in cash separately. However, one may try to venture other options such as borrowing money from personal loans or credit cards.

How much is the minimum down payment when purchasing a house?

The minimum down payment is twenty percent of the purchase price. If one is using his CPF savings, he can use it to pay fifteen percent of the down payment but the other five percent should be paid in cash.

Are there miscellaneous fees that I should prepare for?

There are other fees that one should prepare for before purchasing a home. Depending on the bank or financial institutions, miscellaneous fees may include the processing fees, stamp duty and legal fees.

 

These are just some basic information that would be helpful in applying for home loans. It is best to do ample research on banks and other financial institutions in order to get the best deal possible that is most suitable to you and your current finances.

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Get a Personal Loan Fast and Easy

Posted in Loan Services by elitemoneylenders on January 26, 2012
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The times have indeed changed. Gone are the days where one job would support an entire family. Most people need to work two jobs just to make it through every day. But no matter how much a person tries to organize his finances, there are unforeseen events and expenses that will certainly disrupt the budget. For such unexpected expenses, one can try to apply for a personal loan from banks or other financial institutions. Here are a few tips on how to apply for such a loan and get approved faster.

First, it should be noted that each bank or financial institution will differ with its application and processing time of personal loans. It is best to research on these banks or financial institutions in order to find out their interest rates and payment options. It is also best to check on the bank’s reputation in terms of customer service. Some banks may have a bad record of harassing their clients when they are unable to settle their debts.

Next, applying for a loan online can also help speed up the application process. For as long as all requirements are submitted over the internet, the approval time can also be sped up. Furthermore, it lessens the hassle of the borrower going to the bank personally to submit any needed requirements. By applying online, one can submit these requirements in a click of a button.

Another way to help speed up the application process is to, of course, maintain a good credit score. Having a low credit score can certainly hamper in the approval process and will surely cause the rejection of the application. The bank will surely run a credit check, thus is it best to always settle debts and any outstanding balances even with a different financial institution. If a person already knows he doesn’t have a very high credit score, he can opt to have a co-maker or co-signer who has a good financial background apply for the loan with him. A co-signer can help increase the chances of the loan getting approved. Thus, one must find a person who is willing to co-sign the loan application with him.

There are several banks and financial institutions in Singapore that offer a personal loan. By doing these simple tips, one can speed up the application process as well as increase the loanable amount or even lowering the interest rate.

Tips When Borrowing Money from Money Lenders

Posted in Loan Services by elitemoneylenders on January 16, 2012
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As the saying goes, “Money makes the world go round.” And during these tough financial times, being without money can truly cause a lot of problems to an individual and his family. Some people resort to selling their possessions and properties just to keep their head above the water. However, another fast way to get quick cash is to borrow from money lenders. A money lender is willing to loan money but with a load interest. But before deciding to borrow money from them, here are a few tips to consider.

First, it is best to do ample research or “shop around,” so to speak. Most lenders will advertise through print ads and the internet. One can easily call over the phone or visit their website on the internet to gather important information such as the kinds of loans that they offer and their interest rate.

Next, it would be best to narrow down your choices to at least three lenders. Once the final three choices are identified, it would be best to set up a meeting in order to ask for a quote or estimate on the payment options of your loan. Most lenders will be more than happy to give a quotation. This can be done personally, or even through e-mail.

Next, it would also be a great idea to check the company’s customer service and reviews from other customers. There are some companies that may seem to be customer friendly at first, but when the borrower is not able to make payment, they resort to harassing or even threatening phone calls in order to get the borrow to pay. This aspect is also important as it can truly be stressful to deal with such companies.

Lastly, and most importantly, it is important to check if the lender is legitimate and licensed. This can be checked with the Singaporean Registry of Money Lenders and Pawnbrokers. Licensed lenders are regulated by the said registry and adhere to set rules and guidelines. Thus, it can be expected that they put the interests of their clients at top priority.

By taking into consideration these simple tips, one can be ensured that he getting the best deal and is not taken advantage of when borrowing money from money lenders. Although it might seem quite complicated and overwhelming, ample research can truly help a lot in making the process as seamless and as faultless as possible.

Licensed money lender

In these tough financial times, there would come a point wherein you would have no other choice but to borrow money just to get by. There are a lot of money lenders that will offer fast and easy cash loans in an instant. However, one must make sure to only borrow money from a licensed money lender in order to protect the borrower’s best interest. It would be best to check the Registry of Money lenders and Pawnbrokers before borrowing money from any money lender. All money lenders in Singapore are required to apply for license with the Registrar of Money lenders. According to the Money lenders Act of 2008, certain criterion should be met by money lenders to qualify for such license. An applicant should be of good character, above 21 years of age and a resident of Singapore. More importantly, the applicant should be familiar with the rules and provisions of the Money lenders Act of 2008. Additionally, a new directive by the Registry of Money lenders dictates that licensed money lenders are only to advertise via print media, online media and in their place of business. In advertising using online media, the money lender is only allowed to advertise using their official business website. Also, the content of the ads are also regulated, such as including a fixed telephone line instead of just indicating a cell phone number. If ever a money lender advertises using other forms such as text messaging, flyers or newspaper ads, he may face monetary fines, suspension or even cancellation of their license. Additionally, should be ad content break any rules in the Money lenders Act, the money lender can face jail time up to six months. With this directive, the registry aims to tighten its regulations in order to protect the interests and welfare of borrowers. These same efforts by the government aim to lessen the borrowing culture of the society wherein they are reckless in spending and borrowing money. Finding a licensed money lender in Singapore whom you can trust and would not rip you off can be quite a challenge. There are a lot of people with ulterior motives that only try to give a person a run for his money. However, thanks to the efforts of the Registry of Money lenders and Pawnbrokers, one can easily locate a licensed and legitimate money lender. This certainly assures the borrower that his situation is not taken advantage by some fly-by-night money lender.

Tips to Choosing the Best Bank for a Singapore Loan

Posted in Loan Services by elitemoneylenders on January 9, 2012
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The lifestyle for the average Singapore citizen involves combining fun with business, including starting a company. Singaporeans seek loans from their financial institutions for varied reasons. Some personal reasons range from trips to furniture shopping. Other reasons include education, car and new businesses. Whether seeking a loan for personal or professional reasons, Singaporeans want the best bank for their loan. Choosing a financial institution for a Singaproe loan can become a long process. It does not have to take months. If Singaporeans use the following tips, they can find the best banks for their loan solutions.

 

Before Singaporeans decide on a bank a background check is required. The country supervises its financial institutions. This reduces the chances of citizen complaints and financial mismanagement. Singaporeans should contact the governing banking authorities and learn about each bank. The authorities may list the length of time the banks have operated, its board of directors and past service complaints. A review of the bank’s website can list similar information except for the complaints. Plus, Singaporeans can check with friends and associates who have done banking with the desired institutions. Banks who have recent problems may receive news coverage and bad publicity.

 

Using a good financial institution can save time and loan fees over the years. Singaporeans who narrow down their bank selections can check further. Begin with the financial institution’s marketing materials. These marketing materials should give insight about the bank, its core business and operations. Most well-known banks within the country will list their core services in their marketing materials. To save on loan fees, Singaporeans should try to do personal and professional banking with the same institution. Some banks do not offer business-related services. If this happens, Singaporeans can choose separate banks after reviewing their loan fees.

 

Some customers enjoy doing their banking in-person, including making money transfer. Singaporeans should should a bank with best access. Banks should be close to work, school or home. Otherwise, choose another bank that provides closer proximity. Even if banking is done online, a local bank branch should be available for emergencies. Singaporean banks should offer more than Singapore loans as part of its services. A bank with good customer service provides an ideal solution. The service representatives must gather information quickly and offer accurate assistance. For instance, Singaporeans should concentrate on banks which offer in-person, telephone and mail customer service.

Singapore Loan: Tips to Get a Personal Loan Faster

The uncertainty of today’s costs can create the need for a Singaprore loan, including personal reasons. Singaporeans can get a personal loans for two-week vacations, holiday gifts or even unexpected short-term car repairs. Other reasons include decorating a new apartment and obtaining college class books. The costs can add up to hundreds of dollars each. These loan amounts differ from financial institution to financial institutuion. Also, each institution has its own application form and application processing time. The typical application time can take up to three weeks. Any Singaporean who knows a loan is desired can take steps to speed up the process.

Singaporeans should know their credit history before filling out a personal loan application. The average instituation will double check the background of the applicant.  Financial institutions can perform an extensive credit check, review a low score and decline the application quickly. Do not let a poor credit history ruin the chances for a loan. One good idea involves tracking the credit history well before a personal loan is needed. This active preparation allows one to learn about outstanding balances and settle the debts. Plus, having a favorable credit history can lower the interest rate the bank attaches to the personal loan.

Applying for an online personal loan can speed up the process. Singaporeans should make sure the financial institution is legit before using its onlince application process. This reduces the chance for identity theft and fraud. An online loan application asks for similiar information as a brick-and-mortar company. The typical application will ask for the applicant’s personal information, such as an address. Additional information includes the amount of the loan, the reason for the loan and the desired date. If the applicatiion gets online approval, the applicant is receives notication and learns about any other steps. A declined applicant should receive similar notication.

Some Singaporean loan applicants realize their credit history will prevent a bank loan. Other Singaporeans know the loan amount will be substantially lower than desired. Having a co-signer can reduce application delays. The co-signer should have a good work history along with a favorable credit background. To reduce problems, the co-signer should request that the applicant takes a lower loan amount. For instance, an applicant who defaults on the loan will create hardship on the co-signer. The co-signer become responsible. The co-signer does not want to spend years repaying another person’s debt.


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