Based on a survey report, nearly 30% 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 gets more and more traffic day-by-day? Its captivating attractions, favorable warm tropical and sunny climate and above all its economy which is climbing pretty fast as a result of large number of foreigner’s investments would be the secrets behind its increasing traffic. As per 2010 economy statistics, Singapore has the fastest growing economy on earth with a growth rate of 17.9%.
Based on key demographic trends, in 2010 Singapore’s total population was 5.08 million where 131 million are non-resident money lender open on Sunday. Now, many non-resident foreigners are seeking home loan in Singapore but are facing many difficulties as a result of bank’s complicated terms and conditions.
Usually, a foreigner can avail home loan only as much as 70 to 80% from major banks or financial institutions. If you should be searching for some competitive home loan then it’s important to have assistance from an expert mortgage consultant because besides availing a most useful loan you could also have many difficulties while searching for favorable options to buy a residential property in this country.
Why it’s difficult for a foreigner to buy residential property in Singapore? Underneath the Residential property act, a foreign person is termed as any person who is not a resident or any permanent resident. Moreover, a permanent resident can also be termed as a foreigner under this act. But nevertheless, a foreigner can find a residential property under some criteria.
Here are some important obstacles you will need to handle while searching for residential property:
If you need to get a restricted property like landed properties or vacant lands then you definitely need to get prior approval from Singapore Land Authority before buying.
This approval process consists of several steps like downloading applications and submitting it.
Besides, while submitting the applying you will need to install the mandatory documents too.
Each one of these complicated approval process might be considered a frustrating and frustrating for you. So, it’s essential to decide on an expert mortgage consultant who might be able to guide you properly to avail a home loan and residential property without any difficulty.
Significance of mortgage consultant while searching for home loan:
– With his up-to-date knowledge about the actual estate trends, an expert mortgage consultant can enable you to pick the most effective loan
– Will assist you in collecting the mandatory documents and submitting the applications
– Offers suggestion and guidelines to have loan with time
– Resolves complex situations without any further complications
Each one of these benefits pinpoint the important of a mortgage consultant. So, pick the most effective mortgage consultant and get yourself a competitive home loan without facing any difficulty.Business Read More