How to get a hdb bridging loan in Singapore
Many people living in Singapore are selling their home to purchase a Housing development board (hdb) flat. In other cases, they may be selling their existing hdb flat to purchase another larger hdb flat or home at another location. The sale of a home is a time consuming process since the home buyer will usually take a home loan. It will usually take some time to process the home loan application, usually 45 days. Since they have to pay for the home they are purchasing immediately, the home buyer requires funds for the short term, until he receives the funds from the home sale. One way to overcome this problem is to take a hdb bridging loan Singapore from Aerocredit.sg, a registered Singapore moneylender.
A bridging loan is a short term monthly loan which the moneylender will provide for a short period of time till he receives the funds from the sale of his assets or other sources. Though the hdb bridging-loan is provided only to home buyers and sellers, bridging loans can also be provided to small businesses who find that payments from their customers are delayed and they have to make payments due to their vendors or other debtors.
The individual applying for a bridging loan should:
– be a Singapore citizen or permanent resident
– be at least twenty-one years of age
– provide proof that he expects to receive payment
– indicate a time frame when he is expecting payment
– provide details of how he will repay the loan, in case he does not receive the payment due
It is advisable to take a bridging loan only from a licensed moneylender in Singapore like Aerocredit.sg. The Singapore government is aware that some moneylenders are unscrupulous and may exploit the customers requesting a loan since these customers require the money urgently. Hence in Singapore, the functioning of the moneylenders is regulated, to ensure that they do not exploit the customers. The moneylenders are required to register with the government which publishes a list of licensed moneylenders in Singapore. These money lenders should also conform to the rules stipulated by the government, especially for interest rates, penalties, and non-payment of loans.
Anyone who wishes to take a bridging loan from Aerocredit should first contact them using any of the options available. These options are contacting on the phone, whats app, or using the contact form, where the email and phone number can be specified. After this, the loan applicant will be contacted by the staff to discuss the loan eligibility. Before the loan is approved, the borrower will have to visit the office for verification, provide the documents specified like identity, and address proof. He may also be required to provide documentary proof that he is expecting funds soon, which he will use to repay the loan. If a bridging loan is approved, a copy of the loan terms and conditions will be provided to the borrower to prevent disputes later.