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发表于 21-9-2007 17:41:00|来自：新加坡
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Types of Loans
<h3>Typs of Loans</h3><h4>Q: What is a mortgage?</h4><p>A : A Mortgage is a pedge of a property by a borrower ( also called the mortgagor ) to a Financial Institution -FI ( also called the mortgagee) as security against the loan. It is a legal agreement by which individuals or businesses can buy residential or commercial property without paying the full value upfront.</p><h4>Q: Who needs a mortgage loan?</h4><p>A: If you do not have the means or decide not to pay the full sum to purchase a property, the FI will provide the loan against mortgage of your property. You will have to show evidence that you are able to repay the loan, like your employment status or other assets.</p><h4>Q: Is a mortgage the same as a housing loan?</h4><p>A: When a FI grants a housing loan, collateral is required which is usually in the form of a mortgage of the borrower's property.</p><h4>Q: Who can provide me with a housing loan?</h4><p>A: Housing Loans can be obtained from certain Banks or Financial Institutions.</p><h4>Q: What are the types of loans available for property purchases?</h4><p>A: There are potentially 5 different types of loans that FIs can grant for property purchases. Namely</p><ol><li>Housing loan,</li><li>Bridging loan</li><li>Construction loan,</li><li>Overdraft, and </li><li>5th charge term loan.</li></ol><h4>Q: What is a Housing Loan?</h4><p>A: For Home Owners, there are generally <strong>two types of Housing Loans</strong>: HDB and Private property Loans. All housing loans are secured loans as title deeds to the said property form the collateral for FIs to provide the borrower with a loan.</p><p>Housing loans can be structured as Term Loans to be repaied over a stipulated loan period; better known as loan tenure. It is important to note that all monies repaid to the FI can not be drawn again. It is however possible for the borrower to gear up on the existing mortgage by taking anoter loan after the existing loan has been substantially paid down as long as the total loan amount does not exceed the current market value of the property.</p><h4>Q: What are the loan structures like for HDB Properties?</h4><p>A: Potential owners can take up the loan from either HDB directly, or from FIs who offer housing loan facilities. Each option has its own policies.</p><p>For purchasers who are taking a loan <strong>directly from HDB</strong>, the salient points are as follows:</p><ol><li>The purchase price can be fully paid by CPF funds, less theinitial option deposit.</li><li>HDB's current concessionary interest rate ( also known as subsidized rate) is at 2.6%. However, it is subject to HDB varying the rate from time to time. It is good to know that HDB does not vary their interest rates as rapidly as the FIs.</li><li>The downside however, is that each illegible person can only utilize this benefit 2 times in his or her lifetime, be it for a direct purchase from HDB or from the secondary market.</li></ol><p>For purchasers who do not qualify for the HDB concessionary rate, or who opt for <strong>a loan from the FIs</strong>, they are subjected to the following: </p><ol><li>Only up to 90% can be financed, so the difference between the purchase price of the property and the loan will have to come from private funds. This portion however, can be combination of cash and CPF savings, e.g. first 5% has to be in cash, while the balance from CPF. It is a satutory requirement for all purchasers to furnish the initial 5% in cash.</li><li>FIs who grant loans have both Fixed Interest Rate and Variable Interest Rate Packages. These loans are based on commercial interest rates depending on their cost of funds at that particular time.These rates may or may not be as competitive as compared to HDB's concessionary rates. Commercial rates may fluctuate frequently, therefore it is prudent for borrowers to keep abreast of the market and interest rates at all times.</li><li>FIs have their own credit assessment guidelines which may not conform to that of HDB.</li></ol><h4>Q: How are loans disbursed for Private Property purchases?</h4><p>A: For <strong>Completed Properties</strong>, FI's would follow the normal payment schedule when disbursing funds. By law, all private property purchasers like HDB purchasers must make the initial 5% payment in cash. After having paid the initial 5%, depending on the loan quantum granted ( be it 80% or 90% ) and as long as there are sufficient funds in their CPF ordinary account, purchasers can make up the difference by drawing on their CPF savings. Prior to completion of the purchase, the conveyancing law firm would call for the final draw down of the balance from the FI and CPF Board which ever applicable.</p><p>For <strong>Building Under Construction (BUC)</strong> properties, FIs today offer 2 different loan schemes - Progressive Payment Scheme and Deferred Payment Scheme.</p><ol><li><strong>Progressive Payment Scheme</strong> is based on the developer's predetermined schedule of payment (payments are normally called for in percentages). This schedule is set out based on the different states of development; as such payments made for the purchase would be spread out through out the course of the development process. Once the developer has completed a certain stage, the developer would call for the required payment. Should the purchaser decide to opt for this scheme, then the FI would disburse the loan progressively according to the schedule. The borrower's monthly repayment would increase gradually based on the loan disbursed.</li><li><strong>Deferred Payment Scheme</strong> is a scheme where the purchaser makes the initial payment, normally up to 20% of the purchase price within 8 weeks and the balance amount would only be due upon Temporary Occupation Permit (TOP) being obtained from the relevant authorities. Depending on the loan quantum granted, the FI would disburse the funds accordingly.</li></ol><h4>Q: What are the common interest rate schemes offered for housing loans?</h4><p>A: Most FIs provide both Fixed interest rates schemes and Variable interest rates schemes.</p><p>Be it Progressive or Deferred scheme, due to the time lapse from the purchase to TOP, the market would have moved either way. As such, most FIs provide for a 1 Time Free Conversion prior to TOP. As long as the loan is in force, the borrower would have an option to decide which package would meet his needs best - either to stay with the existing package or the chage to the prevailing package at that point of time. </p><p><strong><em>TO NOTE:</em></strong></p><p><strong><em>Most FIs who provide both HDB and Private Property loans may or may not have the same interest rates and packages for both property types.</em></strong></p><p><strong><em> (我先喘口气。有人帮忙翻译的，请不要客气啊！我们一起来建长城吧！) </em></strong></p><p><strong><em>下转 Page 2 </em></strong><a href="http://bbs.sgchinese.com/dispbbs.asp?boardid=194&id=1027215&star=2&page=1">http://bbs.sgchinese.com/dispbbs.asp?boardid=194&id=1027215&star=2&page=1</a></p>
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