Private Sector Loan Application
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:
- Deed of Assignment and Loan Arrangement (for Strata Units); or
- 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.