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. |