Types Of Loans In Singapore For Foreigners You Can Choose

It is a dream for many to take a trip to Singapore to stay a while and enjoy the scenery, the environment, and the culture that most can only admire from afar. But if you're looking to stay a while, whether you're on a working visa or a spousal visa, you can apply for a temporary resident home loan and have a mortgage-financed home while you stay! Below is a list of loans in Singapore for foreigners that you can choose from.

Auto loans

The first category loans in Singapore for foreigners we shall discuss is auto loans. The purpose of an auto loan is not a mystery. Today, having a reliable car or vehicle is a necessity for most people. Since many people simply cannot afford to buy even a decent used car outright, an auto loan is required. Most automobile dealerships offer financing for car loans through participating lenders and you will need to meet certain requirements in order to qualify for a loan. Of course, these requirements will vary considerably with the availability of loan options for those who have poor credit ratings.

Home Loans

Banks or financial institutions will lend the borrower money to acquire a property. There are two types of home loans, the fixed rate loan, and the variable rate loan. In the first one, the loan is secured at a specific rate and will not vary throughout the life of the loan. In the second one, the loan varies according to the fluctuating economy and the total debt owed may rise. Fixed rate loans provide a more stable situation for the lender as he knows the monthly payments will not change.

Educational Loans.

On the list of loans in Singapore for foreigners, we have loans granted to students to assist them in paying their course of studies. These loans are offered both by private institutions and the government, and they can be granted to parents or the students themselves. Often if the loan is secured to the parents, the sums offered are higher.

Banks or credit unions Loans.

The final category of loans includes those that are obtained from banks or credit unions on a personal basis or for small business purposes. These two purposes often blend together; you may want a personal loan to pay off overhead expenses in a new job venture or develop a new business from the ground up and need start-up capital. A personal loan may simply be a loan to pay down your debts and can serve as a form of debt consolidation.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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