According to DBS, you don’t necessarily need to be a local citizen or PR holder, but it’s preferable. Even if you’re not a PR holder, having an employment in Singapore can increase your chances of getting a loan. The LTV for non-resident foreigners is slightly lower compared to PR holders and local citizens and set to 50-60%. Despite this hassle there are no existing restrictions on foreigners getting loans or purchasing property in Singapore. There are two main options to choose from when getting a loan. The first is through the commercial finance sector, and the second is through the Housing Development Board (HDB). Hi, 1) Yes, foreigners can get a mortgage from any preferred bank in Singapore. 2) There are 2 ways to prove active income; employed local or overseas. 3) Prove of the document are similar to a citizen or permanent resident here; monthly payslip and/or tax return document. 4) Interest is the same as US persons may find it harder to obtain a French mortgage (although it is still possible) than Canadians, to find due to American law restricting what French banks can communicate to them. It is also possible for residents of other countries such as UAE, Singapore, Japan etc to get finance. What are the legal requirements to get a mortgage in Singapore as a foreigner or non-resident? Foreigners and non-residents are only permitted to purchase certain types of properties approved by the Singapore Land Authority and are subject to an additional stamp duty of 15% for a residential property, even for a first time purchase. UOB Home Loan is open to all foreigners who wish to purchase or acquire permitted residential properties^ in Singapore, for investment or to live in. What are the legal requirements to get a mortgage in Singapore as a foreigner or non-resident? Foreigners and non-residents are only permitted to purchase certain types of properties approved by the Singapore Land Authority and are subject to an additional stamp duty of 15% for a residential property, even for a first time purchase. In Singapore, foreign property buyers can get a mortgage for the property they buy in Singapore, up to a maximum of 70%, subject to bank’s approval. As a Professional Real Estate Consultant with financial background, I always encourage and advised buyers to get the mortgage, even though many of them are ultra high net worth and doesn’t require any mortgage. The major banks providing a mortgage for foreigners in Singapore include: DBS Bank UOB Bank HSBC Bank OCBC Bank Citi Bank etc. Legal Requirements: Owing to the tag of ‘Foreigner’ or ‘Non- Resident,’ there are only certain Singapore Land Authority (SDA) approved properties that could be purchased by you. However if you are a foreigner or non-citizen trying to obtain a Singapore housing loan or pre-approved mortgage loan, you may be totally confused on how these changes can affect your home purchase. You may be considering buying a house to live in or purchasing a property for passive rental income, these changes can affect your plans.
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