The maximum loan repayment period is up to 40 years or 70 years of age, whichever is earlier. For example, if you are 40 years old now, the maximum loan period is 30 years. The loan duration plus age must be less than or equal to 70 years.
If your property is under construction, you can opt to pay your instalments based on the disbursed loan amount until 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 drawdown of the loan and the instalments calculated are based on the full loan amount.
Yes. However, for properties with remaining lease of less than 60 years, CPF members are not allowed to use CPF savings to service the monthly instalment or make direct payment to the property developer/vendor to buy a residential property.
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. The value is determined by a valuer and the premium is paid annually. As our home loan customer, we will pay the premium for the first year on your behalf.
