Based on a survey report, nearly 30% foreigners in Singapore take up permanent residence. These statistics are increasing rapidly because of this country’s favorable condition for starting new businesses. Why this country is getting more and more traffic day-by-day? Its captivating attractions, favorable warm tropical and sunny climate and most of all its economy that is climbing pretty fast because of large number of foreigner’s investments would be the secrets behind its increasing traffic. Depending on 2010 economy statistics, Singapore gets the fastest growing economy on the planet 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 foreigners. Now, many non-resident foreigners are seeking home loan in Singapore but are facing many difficulties because of bank’s complicated terms and conditions.
Usually, a foreigner can avail home loan only up to 70 to 80% from major banks or financial institutions cassh24sg.com. If you should be trying to find some competitive home loan then it’s important to get assistance from an expert mortgage consultant because aside from availing a most readily useful loan you can also have many difficulties while trying to find favorable options to get a residential property in this country.
Why it’s difficult for a foreigner to get residential property in Singapore? Underneath the Residential property act, a foreign person is termed as any person who is not a citizen or any permanent resident. Moreover, a lasting resident can be termed as a foreigner under this act. But still, a foreigner can purchase a residential property under some criteria.
Here are some important obstacles you will need to handle while trying to find residential property:
If you need to purchase a restricted property like landed properties or vacant lands you then have to get prior approval from Singapore Land Authority before buying.
This approval process consists of many steps like downloading applications and submitting it.
Besides, while submitting the application form you will need to attach the required documents too.
Each one of these complicated approval process might be described as a time consuming and frustrating for you. So, it’s essential to select a professional 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 trying to find home loan:
– Along with his up-to-date knowledge about the true estate trends, an expert mortgage consultant can help you to pick the very best loan
– Will assist you in collecting the required documents and submitting the applications
– Offers suggestion and guidelines to get loan over time
– Resolves complex situations without any further complications
Each one of these benefits pinpoint the important of a mortgage consultant. So, pick the very best mortgage consultant and get yourself a competitive home loan without facing any difficulty.