If you sell the old home and buy the new house, the time that is between the sale of the old home to purchase a new home is called bridge, and the loan that is provided for this purpose is called the bridging loan. There is a maximum of 20 % coverage of the new home price. There are different interest rates, and it maybe 6 %. There is a low rate of interest.
There are two types of Singapore Bridging loans
- Capitalized Interest bridging load
- simultaneous repayment bridging loan
- Capitalized Interest bridging loan
Capitalized Interest bridging loan is the finance of all amounts by your bank for a new house. You can make the transaction of your installments after the sale of the old home. There will be Interest for the whole amount, and you will pay after some period.
- Simultaneous repayment bridging loan
You can get the credit for a new home, and there is some time given to the property holders as the bank will not approve your account until selling the old house. You cannot get the loan if you have not availed the opportunity. So Simultaneous repayment bridging loans are also the best option to choose from.
After buying the home from the auction, then you have not enough time to complete the sale, then you have to avail of the personal loan or from credit cards.
In short, the property bridging loans in Singapore is the best policy for the people of Singapore. If you are looking for the fastest loan, then it gives you, and you will get the benefit. You can also consider taking singapore equity term loan