So, you have made your mind to sell the old home and shift to the new and bigger one. After choosing the dreamt property, you have created an application for the home loan. All that remains is to pay the down payment for your new home and wait for the sales revenue to pass.
Nevertheless, you require to do this quickly, otherwise, others may snap up your property. In order to realize this dream, you need to obtain a bridging loan. As the name suggests, this enables you to bridge the gap between the sale of the new and old houses.
So, for you, CashDirect provides the bridging loan in satisfactory and customer-oriented loan rates.
What is a Bridging Loan?
Bridging loan is nothing but a short term financing loan, particularly meant for the quick property purchases. Particularly, it secures the property as a form of reservation or in the pre-selling form including the first year of payment.
The banks provide loans to those that have the best credit scores access to the great bridging loan rates. The best part of bridging loans is that it provides flexible repayment for financing the property.
At the end of the term, the initial and interest amount must be given. And, it does not demand you to pay the fixed amount for bridging the loan, however, you have to pay all in full at the end of the term.
How to Apply for a Bridging Loan
When you are dealing with CashDirect, then, you do not need to worry about the complexity of the process. We make the application process easy for our customers. You just need to give us all of your credentials, and the rest is up to us. That is, we will refine the bridging loan packages for you and will give you the best recommendations.
Documentations and eligibility criteria
Since a bridging loan is a loan designed to be repaid in less time, it is necessary to assess your ability to repay the loan in a timely manner. Take a look below to know the eligibility criteria and the documents required:
Permanent Residents, Singapore citizens, and the foreigners who sell the property in Singapore can choose us and apply for the bridging loan. And, a good credit score is important to get approval.
For starting the application process, you must give the Option to Purchase (OTP) document. The aim of OTP is to give you the right to buy a suitable property.
The outstanding bank loan statements and Central Provident Fund (CPF) withdrawal statements are also required to know the proceeds that will be available.