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Buyer's Guide


Buyer's Guide

Private Sector Loan Application

A panel of bankers have been appointed to provide loans to those who qualify, but the final decision lies with you as you are free to choose any bank/finance company of your choice. The documents required to apply a loan are :

  • Original copy of the Sale and Purchase Agreement
  • Copy of the title deed, if available
  • Photocopy of your IC
  • A copy of your last 3 month’s pay or your last 6 month’s bank statement (if self-employed)
  • Letter of confirmation on income and years of service from your employer
  • A copy of Income tax return/EA form for the past 3 years

Sequence of Loan Processing

  1. Submission of loan application form with the necessary documents.
  2. Interview by bank/finance company.
  3. Letter of Offer upon approval from bank/finance company.
  4. The Letter of Offer fully signed by you as acceptance of the offer and returned to the bank/finance company with a copy to the developer.
  5. Bank/finance company’s letter of instruction to their solicitor to prepare the loan document which may be either:
    1. Deed of Assignment and Loan Arrangement (for Strata Units); or
    2. Memorandum of Transfer Form 14A and Charge Form (Landed units with individual titles).
  6. Letter from bank/finance company advising you to execute loan documents at solicitor’s office.
  7. Loan documents forwarded to bank/finance company for execution.
  8. Loan documents returned to solicitors who will forward to developer for execution of Memorandum of Transfer.
  9. Executed loan documents returned to solicitor for stamping and registration.
  10. Stamped loan documents forwarded to bank/finance company for safe keeping.
  11. A copy each is given to purchaser and developer.
  12. Bank/finance company will release payments to developer progressively in accordance to the Third Schedule of the Sale and Purchase Agreement upon receipt of our invoice.