You can access to housing loans information through various ways.

Obtain directly from the banking institutions

Obtain from newspapers and magazines

Obtain from the Internet

You should find out about the existing RATES and the period of the offer. Instead of just looking at the initial interest rate, look at the overall deal that a banking institution is offering.

Reason: you may pay more interest in the future even though the early interest was little.

Verify if the rate is a fixed rate or floating rate.

Floating rate – The interest rate charged on your loan will remedy in the base-lending rate. Inquire your banking institution on how your loan repayment will vary when the rates change (whether it can be reduced when the rates decrease, or increased when the rates go up).

Fixed rate – Find out if you can opt to leave the loan repayment amount unchanged. However the term of your loan can either be shortened or lengthened depending on the movement of the interest rate.

Kindly be confirmed that you have the following documents prepared before the application of your housing loan.

A Photostat copy of your Identity Card or Passport

Your most recent 3 months’ salary slip

Your latest income tax return form (form J) or EA form

Sale and Purchase Agreement/deposit or booking receipt/letter of offer from the housing developer

A copy of the land title (if any)

Your latest bank statements (compulsory in the absence of salary slips and/or Form J/EA Form) dating back six month/savings passbook/fixed deposits

Valuation report for completed houses

For those who are self-employed, kindly provide in addition to the above the following.

Business registration documents

Latest financial statements

Other supporting documents required by the banking institution

Once the acceptance of the letter of offer is done, your banking institution will let you employ a lawyer from its panel to organize the loan documentation. Some of your provided documents will be submitted to the relevant government authorities for registration and official stamping.

Upon the completion of procedures above, these documents will then be submitted to the banking institution. As a result you will receive a copy of the Loan Agreement.