Sources of fund – Singapore property for sale/ rent
The main sources of fund in a purchase are as follows:
- Commercial Banks
– most common source
- Finance company
– activities limited to consumer domestic market
- Insurance company
– sometimes provide housing loan to their clients
- The Central Provident Fund – additional source
– subject to conditional limit
– can be use for:
- stamp duty, mortgage stamp fee and legal fee
- making partial or full payment of loan
- servicing monthly installment of loan granted
– cannot be used for:
- monthly service and maintenance charges
- payment for improvements, repairs, and renovation works
- financing non-residential property (since 1 July 2006)
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