In accordance with a survey report, nearly 30% foreigners in Singapore occupy permanent residence. These statistics are increasing rapidly as a result 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 above all its economy that is climbing pretty fast because of large number of foreigner’s investments would be the secrets behind its increasing traffic. According to 2010 economy statistics, Singapore has got the fastest growing economy on earth with a growth rate of 17.9%.
In accordance with key demographic trends, in 2010 Singapore’s total population was 5.08 million by which 131 million are non-resident foreigners. Now, many non-resident foreigners are looking for 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 as much as 70 to 80% from major banks or financial institutions. If you’re trying to find some competitive home loan then it’s important to obtain assistance from a professional mortgage consultant because aside from availing a best loan you might also have many difficulties while trying to find favorable options to get a residential property in this country.
Why it’s hard for a foreigner to get residential property in Singapore? Beneath the Residential property act, a foreign person is termed as any person who’s not a resident or any permanent resident. Moreover, a lasting resident can also be termed as a foreigner under this act. But nevertheless, a foreigner can purchase a residential property under some criteria.
Here are some important obstacles you’ll need to handle while trying to find residential property:
If you want to buy a restricted property like landed properties or vacant lands you then want to get prior approval from Singapore Land Authority before buying.
This approval process consists of several steps like downloading applications and submitting it.
Besides, while submitting the application you’ll need to install the mandatory 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 an expert mortgage consultant who might have the ability to guide you properly to avail a house loan and residential property without the difficulty.
Importance of mortgage consultant while trying to find home loan:
– Along with his up-to-date knowledge about the real estate trends, a professional mortgage consultant can allow you to pick the most effective loan
– Will assist you in collecting the mandatory documents and submitting the applications
– Offers suggestion and guidelines to obtain loan with time
– Resolves complex situations without the further complications
Each one of these benefits pinpoint the important of a mortgage consultant. So, pick the most effective best loan in Singapore mortgage consultant and obtain a competitive home loan without facing any difficulty.