Borrowing Money in Singapore

January 24th, 2014 by The JetSetter Team | 3 Comments »

JS0108If you, like real estate expert Jason Hartman, are looking to expand your investment portfolio into international waters, you might be focusing on Singapore. With its warm climates and beach access (it’s surrounded by islands!) Singapore is a great place to spend your retirement.

If you’re living in Singapore, as a foreigner, and need to borrow money for investment, tourist, or living purposes, it might not be as difficult as you think. There are a variety of local organizations willing to help you. Because you are not a Singapore local, you might find that regulations on these local loans are stricter than that of a typical personal loan. You may be required to submit to a passport verification process, or you may be asked to provide collateral for your loan.

In the initial stages of loan applications, you may also be required to show an employment pass or a work payment in addition to providing copies of your passport. As with securing a loan anywhere, you will need to be able to provide proof that you live in the area. This can be rental contracts, bank statements, phone or utility bills, etc. You may also need to provide proof of income.

One of the many great things about Singapore is the ability of local lending organizations to offer the same rates to visitors and expatriates as to local borrowers. Often included as a free service is financial counseling by qualified financial advisors, who will assist you in more complex financial endeavors. This will prove especially helpful if you’re considering purchasing property or even if you later choose to rent your property out. You’ll be able to work with local lenders and advisors to develop a loan that meets your needs, which might include different types of repayment process or interest rates. Best of all, you won’t be waiting long—Singapore banks tend to process loans quickly, ensuring you’re able to make your dreams come true as soon as possible!

While the prospect of dealing with money abroad may seem daunting, many companies are equipped and willing to help foreign born investors in whatever way possible. Of course, you’ll want to do your research and speak with your trusted financial professional at home too—but rest assured, you’ll (with the help of some friendly professionals) be able to get the cash you need to live happily—wherever you choose! (http://www.flickr.com/photos/domolovesamuffin/10779166175/)

 

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The Jetsetter Show Team

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