General Mortgage FAQ
- Applicant(s) must be between the ages of 21 and 65
- Singapore Citizens, Permanent Residents and foreigners may apply
- Freehold Property
Up to 35 years or 75 years of age, whichever is earlier. For example, if you are 25 years old now and buying a freehold property, the maximum loan period is 35 years. The loan duration plus the age of the applicant must be less than or equal to 75 years. - Leasehold Property
Up to 35 years or 75 years of age at end of loan tenor, whichever is earlier, and remaining lease of at least 35 years at the end of loan tenor.
- If your property is under construction, you can opt to pay your instalments based on the disbursed loan amount until the Temporary Occupation Permit (TOP) is issued. Thereafter, the instalments will be calculated based on the outstanding plus undisbursed loan amount over the outstanding loan duration.
If you buy a completed property, full instalments will be payable upon the drawdown of the loan and the instalments calculated are based on the full loan amount.
- Yes. However, for properties with a remaining lease of less than 30 years, CPF members are not allowed to use their CPF savings to service the monthly instalments or make direct payment to the property developer/vendor to buy a residential property.
- Information on the use of CPF monies is available from the CPF website http://mycpf.cpf.gov.sg/CPF/my-Cpf/buy-house/BuyHse.html.
- Completed duly signed UOB Property Loan Application Form
- Copy of NRIC/Passport of applicants
- Income documents:
- Latest computerised payslip/IR8A
- Two years’ tax return (for self-employed applicants)
- Two years’ commission statement (for commission based applicants)
- Option to purchase
- Latest CPF statement of account (if CPF usage is involved)
- Latest CPF withdrawal statement for existing property (if applicable)
- Option of sale for existing property (if applicable)
- Prior to the approval of your home loan application, we will appoint a valuer to assess the market value of the property. If this valuation is lower than your purchase price, you would have to pay the difference in cash before any loan can be disbursed.
- Yes. Fire insurance is required by the Bank to insure your property against fire.
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