Stepping Into the Perfect Loans Now

The mortgage loan allows you to buy a house. Mortgage is a service offered by the banks, real estate credit entities and other loan companies, and is usually backed by real estate. A mortgage loan usually has a lower interest rate and a longer repayment period compared to a consumer loan. However, if you do not meet your repayment obligations and your mortgage has been guaranteed by property you own, the lenders may seize as well as resell your house to liquidate the loan.

You can also get a mortgage from entities whose headquarters are in other EU countries; however, the country where you reside, work or find the property may influence the way you evaluate your application by the lender.Understanding how your solvency is evaluated is essential. The best interest new home loan in Singapore offers all the supports.

Solvency assessment

Before offering a loan, the entities must evaluate your solvency. They will make an assessment based on different criteria, including:

The value of the good that guarantees the loan

  • Therefore, they will ask you to communicate your income so that the entity can check if you have the capacity to repay the loan.
  • The lender can only offer you a mortgage if the evaluation shows that you are able to repay the loan.
  • Loan institutions often deny the granting of mortgages for assets located in other countries or directed to persons whose sources of income or place of residence are in countries other than the one where the bank has its headquarters.
  • Contact the bank (or its “claims office”) to obtain in writing an official statement setting out the reasons for the denial of the credit;

If the denial is based solely on your nationality, seek advice and help in FIN-NETEnglish (the network of complaints in the field of financial services), which mediates financial conflicts between consumers and financial service providers, such as banks.

Important information to evaluate and compare offers

It is advisable to compare offers from different lenders before making a decision on a mortgage loan. Before making a binding offer, the credit institution must also provide you with the European standardized information sheet (FEIN) . It is a document model in which you will find the best possible analysis of the conditions of the mortgage loan offer. Depending on the most trusted money lender in Singapore is useful.