Kickstart your next phase in life
Property loan, the financial assistance underpinning Singaporean’s embarkment to resettle in their fantastical house. Hours or even days of surfing PropertyGuru, aggressively dialling agents and seeking family/friends’ advice had you squinted into the apple of your eye – your dream home. Unfortunately, the mediocre bank account of a person in their 20s or 30s does not store sufficient funds to cover a property’s full payment, even if they hold stellar jobs that generate 5 figure monthly income. Property loan weaves the additional cash requirements to finance your property, and for others, it ensures that you still have a pool of emergency cash in your savings account rather than expending its entirety into a property purchase.

What do we provide?
Our property loan offers multifarious options for your specialised needs. It could be a 3-room HDB that you would like to finance or an executive condominium that caught your attention. Regardless of the type of property, we have the right loan choices if you meet the eligibility requirements.

The complexities of financial jargons will make potential homeowners pull their hair from searching up the terminologies one-by-one. As a result, these are the loan options in layman terms:
Fixed-rate home loan: Similar to other loans, it comes with an interest rate that has to be repaid monthly. As its name suggests, the interest rate will be fixed for the first few years (X to X years). The interest rate will turn from fixed to variable for subsequent years.

Floating-rate home loan: A floating rate home loan is pegged to the SIBOR or SOR rate, which is a market-determined base-rate based on local bank’s interest rates on home loans. Hence, your interest rate may fluctuate based on market performance.

Is a shorter loan tenure always better?
At the expense of higher loan repayments each month, the overall interest repayments will be significantly lower as compared to extending a loan tenure. Although we offer the flexibility for our clients to select their desired loan tenure, do take note of the following factors to remain financially responsible in your repayments.

Personal living expenses: Be prudent in your decision. Consider future possibilities such as a job retrenchment, which would hinder your repayment abilities.
Risk-reward payoff: Remember, your home acts as a collateral until the property loan is fully paid off. Our financial experts would advise you to be shrewd and far-sighted in your financial decisions. Avoid sacrificing your assets from a spontaneous greed to save up a few bucks.

Emergency savings: As a general rule of thumb, your emergency savings should last you at least 6 months’ worth of living expenses. Open up your notebook and start your meticulous planning of future financial obligations. It could be your child’s university education or to accumulate a higher safety fund to prepare for the unexpected.

Although we have hinted on the ideal option of obtaining a longer tenure, do not eliminate the option of selecting a 5 to 10-year tenure if you are drawing a lower loan amount and financially confident in repaying your debts.

Eligibility
We will consider the following factors during the approval process of your property loan:
Total Debt Servicing Ratio (TDSR): The Monetary Authority of Singapore (MAS) had laid out the minimum requirements in calculating the TDSR, which involves your monthly debt obligations and gross monthly income. This ratio ensures that you have sufficient cash flow set aside for your property loan repayments, alongside your existing debt obligations.

Credit score: A credit score is virtually tied to each client based on their history of repaying loans in a timely manner. It measures your creditworthiness and gives lenders like us the assurance of receiving interest and principal repayments without default.

Age: As regulated by MAS, the maximum loan tenure is set at 35 years. We can only discharge a property loan with a tenure period within your retirement age of 65 years old. For example, a 45 years old client is only entitled to a 20 years maximum loan tenure.

Income: To ensure timely repayments and a loan amount which is within one’s financial capability, your monthly income will be critical in calculating your maximum loan entitlement.
The process of loan calculation may appear to be an excruciating process from presenting all the necessary documentation as proof. Worry not, our financial experts will simply input these data into our loan calculator, to disseminate precise and accurate information for your perusal within minutes.

Contact us at +65 5478303 or fill in our enquiry box at info@firststan.com.sg for a quick quotation.

Note: The above eligibility requirements apply to Singaporeans or Permanent Residents (PR) only. Interested foreigners will need to fulfil a more comprehensive process to sufficiently assess your eligibility.

Why Choose Us? (property loan)
Property loan comes in all shapes and sizes. From HDB home loans, overseas home loan, to those specific to funding industrial property. These options come with varying loan tenures and interest rates.

Let us extend a helping hand by comparing giving a short and sweet comparison of property loan choices.

Compare the best property loan options here: