All You Need To Know About Term Loans In Singapore

As the name sounds, you obviously must own a home. Particularly, a private property. Unfortunately, HDB home owners are unable to be eligible for a home equity loan. Executive condominium owners have to wait for their 5-year Minimum Occupation Period to be up before they can be eligible for a term loan.

The interest rate for a term loan is extremely low. It could be anywhere between 1% all the way to 3%. This also largely depends on the amount that you intend to borrow for the loan as well.

The short answer is that you can borrow up to 80% of your property value. In several instances, you might not be able to borrow 80% of your property value since you likely will already have an outstanding home loan. Your best bet is to click on the button below to speak with a qualified Customer Success Manager in order to check the amount that you qualify for.

The maximum loan tenure could be up to 54 years.

However, it also depends on your age.

The formula is as follows: Use 75 years of age minus your current age.

That would give you the maximum loan tenure for a term loan.