FAQ

How much loan can I qualify for?

Can I use my CPF savings to buy a house?

Where can I get a copy of my CPF Statements?

Am I getting my loan from houseloansingapore.com?

Why should I get a house loan through the help of houseloansingapore.com?

Which is better, fixed rate or variable rate?

Can I take up a loan for the down payment as well?

Can I get a house loan in Singapore if I am a Singapore Permanent Resident or foreigner?

What is the minimum down payment?

Can I remortgage my house?

If I’m buying a HDB flat, should I get a HDB housing loan or HDB bank loan?

Will the bank provide me statements for my house loan?

Will I be better off by using the law firm or insurance company recommended by the bank?

What are the fees and charges that I should look out for?


How much house loan can I qualify for in Singapore?
You can usually borrow up to 90% of the purchase price or value of the house, whichever is lower. A lot also depends on your income.

Can I use my CPF savings to buy a house?
You can use CPF savings for the purchase of your house, stamp duty, legal fees and the repayment of the house loan monthly installment payments if you satisfy the following criteria:

– You must be the owner of the house

– The house must have a remaining lease of no less than 30 years.

– The house purchased is in Singapore, and the loan application is supported with a valuation report.

– The applicant must not be an undischarged bankrupt.

Where can I get a copy of my CPF Statements?
You can get a copy at the CPF website. You will require your SINGPASS.

Am I getting my loan from houseloansingapore.com?
No. Our service is to assist you find the best house loans in Singapore that meets you needs. You are getting the loan from the financial institution that is offering you the house loan in Singapore.

Why should I get a house loan through the help of houseloansingapore.com?
We compile every information for you so that you can make the best decision that is the best for you. We also provide you market information that you will not be aware of unless you are actively in the house loan Singapore market like us. You are leveraging our contacts, expertise and information to make the best house loan choice for yourself.

Is fixed rate or variable rate better?
There is no model answer. It really depends on what is your current financial situation, your future plans, and your risk appetite. By understanding these information, we can find a house loan in Singapore that can fit into your profile.

Can I take up a loan for the down payment as well?
No. If you are experiencing a tight cash flow squeeze, you can explore a house bridging loan, personal loans and credit cards.

Can I get a house loan in Singapore if I am a Singapore Permanent Resident or foreigner?
Yes.

What is the minimum down payment?

20% of the purchase price. 5% must be in cash and the balance can be from your CPF account.

Can I remortgage my house?
Yes. But do check out whether there is a penalty for doing that in your current mortgage terms.

If I’m buying a HDB flat, should I get a HDB housing loan or HDB bank loan?
We always recommend that you take up the HDB concessionary loan if you are eligible.

Will the bank provide me statements for my house loan?

Yes. Banks will provide you an annual statement of your house loan with details on payment date, outstanding amounts, interest charges, etc. They may also provide you a statement upon request, although there may be a charge for ad-hoc statement request.

Will I be better off by using the law firm or insurance company recommended by the bank?

Banks have much more bargaining power than you over the law firm and insurance companies. You may benefit from a packaged deal if you go with everything with a particular bank. However, you should make your own research to make an informed decision.

What are the fees and charges that I should look out for?

Look out for

  • Processing fees for loan application
  • Late payment charges
  • Processing fees for change in loan tenure
  • Prepayment and redemption of the house loan
  • Not taking the house loan after accepting it previously
  • And more…

Do ask the bank on their charges.