Mortgage application procedure – Singapore commercial property for rent
Singapore commercial property for rent. Application procedure for a bank loan is as follows:
- Borrower to shop around for the best loan package that is most competitive and suits his preferences.
- Once the borrower has selected the bank that he wants to deal with, he would be asked to provide the following:
– Completed and signed Loan Application Form
– Copy of NRIC/Passport of applicants
– Income documents: Latest computerised payslip/IR8A; two years’ tax return (for self-employed applicants); & two years’ commission statement (for commission based applicants)
– Option to purchase (if available)
– Latest CPF statement of account (if CPF usage is involved)
– Latest CPF withdrawal statement for existing property (if applicable)
- Once the borrower has submitted the loan application and all necessary documents to the bank, the bank will process the application. When the loan is approved, which usually occurs within a few days, the bank will issue a Letter of Offer (LO). The bank officer will then explain the terms and conditions to the borrower. Upon accepting the terms and conditions, the borrower shall sign the LO. Within an additional 1 to 2 weeks, the bank will issue a Letter of Instruction (LOI) to the appointed law firm to act on behalf of the bank.
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