Best Bridging Loan in Singapore to Help You With Your Next Property Purchase

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Best Bridging Loans Singapore for HDB Residential and Private Property Owners: Smart Guide 2024

Bridging Loan SingaporeAre you in the midst of selling your home or property and wanted to buy a new one and you lack some funds, you may consider applying for a bridging loan? With a bridging loan, you can able to find the fund that you need to purchase for either a new or existing property.

What is a Bridging Loan?

In Singapore, a bridging loan is commonly taken by owners who are selling their old flats or either upgrade or downgrade their existing flats. They signed up for this loan offer to be used as down payments or to pay for related expenses to the property transactions. Therefore, a bridging loan can “bridge” the gap between securing a new flat or upgrading it and the sale of the old property.

Bridging loans are also a type of short-term loan offered by banks and moneylenders. Also, this type of loan is a secured one. As mentioned earlier you may apply for a bridging loan while you are selling your old property. An individual may purchase private property and HDB flats with bridging loans. But remember that it is only a temporary financing solution, it is not a substitute for a home loan since it has shorter loan terms.

As you search along, you may find that there are numerous bridging loans in Singapore. And, we are here to help. EasyFind created a smart guide to help you in getting the best bridging loan and ending up with a wiser decision.

How Bridging Loans Work?

In Singapore, when you are looking for condominiums or HDB flats, they are only up for sale for a short period of time. If you are short of funds, you might miss the chance of getting your ideal home. This is where the bridging loan comes into place.

With a bridging loan, you can able to borrow up to 25% of the purchase price of your new flat. Its tenor can be up to 6 months. This loan can help you in paying for deposits and down payments to secure your new home.

How to Apply for a Bridging Loan in Singapore

Before applying for a bridging loan it is essential that you assess your capacity in paying the loan, especially that this is a short-term loan.  Below are the key considerations when applying for a bridging loan in Singapore.

Eligibility

As an initial requirement in order that you can apply for a bridging loan is that you must be either a Singaporean Citizen, a Permanent Resident or a Foreigner who is currently in the selling process of their property. Having a good credit score is also essential to get instant approval.

Documents Needed

To start your application, you must prepare for the Option to Purchase (OTP) document, the one that states that you have exclusive rights in purchasing the property. Also, you must provide your CPF withdrawal statements and outstanding bank loan statements.

Fees and Charges

When it comes to late repayment fee it will depend to your bank or licensed moneylender. It may range from 3 to 5%. Remember that in borrowing this type of loan, you must pay on time even though banks are offering for grace period of 15 days, it can affect your credit score.

FAQs on Briding Loan in Singapore

How much can I borrow from taking a bridging loan?

Most of the bridging loans in Singapore may cover 15 to 20 percent of the price of your new home. Its loan tenure is usually six months.

Interest rates of a bridging loan is much higher compared to a standard home loan. Banks interest rates may be around 5-6% per annum while lenders interest rates may be up to 4%.

Before applying for a bridging loan, it is essential that you must weigh the advantages and disadvantages. But, bridging loans are essential when you need to bridge the gap of buying a new property while you are selling your old home.

If you are having a bad credit, applying on banks may be difficult and chances are you will easily get denied. Applicants with a bad credit standing may still have chances of getting a bridging loan from licensed moneylender.
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