According to a survey report, nearly 30% of foreigners in Singapore take up permanent residence. These statistics are increasing rapidly due to this country’s favorable condition for starting new businesses. Why this country is getting more and more migrants day-by-day? Its captivating attractions, favorable warm tropical and sunny climate, and most importantly its economy which is climbing pretty fast due to a large number of foreigner’s investments are the secrets behind its increasing population. As per 2015 economy statistics, Singapore has the fastest growing economy in the world with a growth rate of 17.9%.
According to key demographic trends, in 2017 Singapore’s total population was 8.08 million in which 164 million are non-resident foreigners. Now, many non-resident foreigners are looking for a home loan in Singapore but are facing many difficulties due to the bank’s complicated terms and conditions.
Usually, a foreigner can get home loans only up to 70 to 80% from major banks or financial institutions. If you are looking for some competitive home loan then it’s important to get assistance from an expert mortgage consultant because apart from availing the best loan you might also have many difficulties while looking for favorable options to purchase a residential property in this country.
Why it’s difficult for a foreigner to purchase residential property in Singapore? Under the Residential property act, a foreign person is termed as any person who is not a citizen or any permanent resident. Moreover, a permanent resident is also termed as a foreigner under this act. But still, a foreigner can purchase a residential property under some criteria.
Here are some obstacles you need to face while looking for residential property:
If you need to buy a restricted property like landed properties or vacant lands then you need to get prior approval from Singapore Land Authority before buying.
This approval process consists of many steps like downloading applications and submitting them.
Besides, while submitting the application you need to attach the required documents too.
All these complicated approval processes might be a time consuming and frustrating for you. So, it’s essential to choose a professional mortgage consultant who might be able to guide you properly to avail of a home loan and residential property without any difficulty.
Importance of mortgage consultant while looking for a home loan:
– With his up-to-date knowledge about the real estate trends, an expert mortgage consultant can help you to pick the best loan
– Will assist you in collecting the required documents and submitting the applications
– Offers suggestion and guidelines to get a loan in time
– Resolves complex situations without any further complications
All these benefits pinpoint the importance of a mortgage consultant. So, pick the best mortgage consultant and get a competitive home loan without facing any difficulty.
A professional mortgage consultant can help you to avail home Loan singapore in time and without any difficulties.