Housing Loan Singapore

Housing in Singapore is ridiculously expensive, and prices only keep increasing. Of course, we have more affordable HDBs, but although they’re more affordable than private properties, they’re still going to break your bank.

But it’s a basic necessity to have a comfortable home for you and your family to live in. And no one should be denied housing because they cannot afford it.

That’s why here at 118 Credit, we have home loans for both future HDB and private property owners to support in getting the perfect home.

What is a Housing / Mortgage Loan?

A housing loan, also known as a mortgage loan, is a loan taken in order to raise funds to purchase a property. The loan tenures are also much longer than other loans since the loan amount taken will be significantly higher. With a home loan:

Your property is used as collateral
The loan mount granted is based on eligibility
The loan is disbursed after the downpayment is made, when you pay the remaining amount to the seller or developer
Interest is charged from the first disbursement

There are typically 2 types of home loan rates for a new home purchase / refinancing of a property: 1. Fixed rate loan packages Anywhere from 2-5 year fixed rates, followed by a floating rate after that period ends. 2. Floating rate loan packages There are lock-in and no lock-in options available. Home loan package with lock-in period: *SIBOR or **SORA+ a predetermined interest rate. After the lock in period, there will be a minimum step up rate. Home loan package without lock-in period: Prime rate + a predetermined interest rate *SIBOR: Singapore Interbank Offered Rate **SORA: Compounded Singapore Overnight Rate Average, administered by the Monetary Authority of Singapore

Why Choose 118 Credit for a Housing Loan?

We have a very streamlined, easy loan process for those taking out a housing loan. Our home loans have benefits like:

Easy and quick online loan application

It's faster to get a loan with us, compared to getting a bank loan. With a high home loan approval rate, you can count on us to meet your financing needs.

Fast and efficient customer service and a personal loan assistant

We have a mortgage specialist available to answer any concerns you have. So you can have peace of mind, knowing you are in good hands.

Competitive home loan interest rates

Our interest rates are attractive and close to market rates, making us the preferred choice among many home owners.

Apply for a Housing Loan with 118 Credit

Get An Instant In-Principle Approval And Collect Your Money On The Spot!

Eligibility and Required Documents for a Home Loan in Singapore

Eligibility:

Documents Required:

Personal and Property Information

NRIC (for Singaporeans and PR) / Passport (for foreigners) of all applicants
HDB Flat & Financial Information
Option to Purchase or Sales & Purchase Agreement
Value confirmed by HDB (for HDB resale)
Valuation report (for Private Property & Executive Condominium)

Income Documents

Latest Notice of Assessment or 12 months CPF Contribution History
Latest 3 months’ payslips (if you are working for less than 3 months, you may submit your latest payslip and employment contract)
Latest loan statements (e.g. credit card, home loan, student loan, renovation loan etc)
Latest 3 months’ salary crediting account statements (additional documents required for customers working overseas)

Home Loan Process

We are here to support you get your dream home. That’s why we made our home loan process application process simple!

Apply online with our loan application.

Wait for our financial team to contact you to set a date and time for an appointment, as well as all the relevant documents you will need.

Prepare all the necessary documents and meet our loan assistant at the set date and time in our office.

You will select the loan package and discuss the terms and conditions with our assistant.

They will also work out a comfortable repayment and interest scheme for you. We will not hide any charges and fees, everything will be told to you straight-up. We value integrity at 118 Credit.

Upon checking of documents and loan approval, you will accept & sign the loan agreement.

Appoint a panel lawyer for mortgage documentation and sign the mortgage document at the lawyer’s office.

Once documentation from the lawyer is in place, and all terms and conditions are complied with, 118 Credit will disburse the loan.

Apply for a Monthly Installment Loan with 118 Credit

Get An Instant In-Principle Approval And Collect Your Money On The Spot!

FAQ

Here are some of our Frequently Asked Questions that we get from most of our clients. Do take some time browsing through and we hope you may find the answers you are looking for!

Money Loans Offered in Singapore

We offer a range of different loan types based on your needs. It doesn’t matter if you have a bad credit history, or low-income, the best money lender for you is 118 Credit!

How to find us

Rochor MRT Station (Downtown Line DT13) Exit A, one minute walk to Burlington Square
Bus Services to Opposite Burlington Square 64 / 65 / 131 / 139 / 147 / 166 / 857
From Fortune Centre: Bus Services 56 / 980
From Novena MRT Station: Bus Services 56 / 131 / 166 / 980

Phone number

6835 7666

enquiry@118credit.sg