Wednesday, September 20, 2006
[RealEdge] TodayOnline : Larger home loans for foreigners
 This story was printed from TODAYonline | |
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| Larger home loans for foreigners Maybank offers up to 90% of house valuation Wednesday ? September 20, 2006 Valerie Law valerie@newstoday. Foreigners can now obtain home financing from Maybank for up to 90 per cent of their property valuation ? the highest in the market. This is an increase from the 70-per-cent financing previously offered by the bank to foreigners. "Real estate agents like Knight Frank have noted an increase in foreign home buyers, with growing interest among Europeans in Singapore real estate," said Ms Helen Neo, Maybank's head of consumer banking in Singapore. Around 80 per cent of the foreigners who take home loans with Maybank are mainly professionals, managers, executives and businessmen, or PMEBs, with a majority being Asians, said Miss Neo. To qualify for this financing arrangement, the borrower must place a minimum investment amount of $50,000, or 10 per cent of the loan amount, whichever is lower. This could be in the form of deposits, insurance or other investment products. For loans financing above 70 per cent of property valuation, the portion exceeding 70 per cent will be subjected to a 0.5-per-cent premium on the prevailing interest rates. Like other Maybank home loan packages, the cancellation fee will be pegged at the promotional rate of 0.75 per cent till year's end. This fee is the lowest in the market, the bank said. Savills' property consultant Wallace Chu said that since the beginning of the year, the company had seen more than one quarter of the transactions in the prime areas for condominiums being purchased by foreigners. "With increasing foreign investments in Singapore, especially in infrastructure, we expect more high-end homes to be purchased by foreigners," he told Today. | |
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// posted by Shajahan @ 10:26 AM 