Preferential interest rates for bridging loan
Q2. Am I eligible?
- Borrowers must be between the ages of 21 and 50
- Singapore Citizens and Permanent Residents may apply
Q3. What is the maximum loan repayment period?
The maximum loan repayment period is up to 35 years or 65 years of age, whichever is earlier. For example, if you are 40 years old now, the maximum loan period is 25 years. The loan duration plus age must be less than or equal to 65 years.
Q4. How do I repay my loan?
If your property is under construction, you can opt to pay your instalments based on the disbursed loan amount until Temporary Occupation Permit (TOP) is issued. Thereafter, the instalments will be calculated based on the outstanding plus undisbursed loan amount over the outstanding loan duration.
If you buy a completed property, full instalments will be payable upon drawdown of the loan and the instalments calculated are based on the full loan amount.
Q5. Can I use CPF to repay my monthly instalment?
Yes. However, for properties with remaining lease of less than 60 years, CPF members are not allowed to use CPF savings to service the monthly instalment or make direct payment to the property developer/vendor to buy a residential property.
Q6. Where can I find out more about how to use my CPF?
Q7. How do I repay my Bridging Loan (BL)?
Bridging Loan interest is calculated on a daily basis and payable every month in cash until the BL is fully repaid.
Q8. What are the documents required for a Housing Loan application?
- Completed UOB Property Loan Application Form duly signed
- Copy of NRIC/Passport of applicants
- Income Documents:
- Latest computerised payslip
- Latest IR8A form
- 2 years tax return (self-employed)
- 2 years commission statement (commission based)
- Statement from employer
- Option to Purchase
- Latest CPF statement of account (if CPF usage is involved)
- Latest CPF withdrawal statement for existing property (if applicable)
- Option of sale for existing property (if applicable)
Q9. What happens if there is a difference between Purchase Price and Valuation Price?
Prior to the approval of your home loan application, we will appoint a valuer to assess the market value of the property. If this valuation is lower than your purchase price, you would have to pay the difference in cash before any loan can be disbursed.
Q10. Do I have to pay any valuation fees?
As our home loan customer, we will pay the valuation fees for you.
Q11. Is fire insurance necessary?
Yes. Fire insurance is required by the Bank to insure your property against fire. The value is determined by a valuer and the premium is paid annually. As our home loan customer, we will pay the premium for the first year on your behalf.
