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Mortgage FAQs

  • What are the benefits of a Citi home loan?

    a) Attractive home loan interest rate packages

    b) Flexibility to make free, unlimited switches across SIBOR tenures (T&Cs apply)

    c) Excellent servicing by our mortgage specialists & Mortgage Client Care team
  • Am I eligible for a home loan?

    a) Applicant(s) must be between the ages of 21 and 65.

    b) Singapore Citizens, Permanent Residents and foreigners may apply.
  • How much am I eligible to borrow for my mortgage loan?
      In calculating your maximum home loan amount, the bank will take into account the ratio of your debt to your income. This is called the Total Debt Servicing Ratio (TDSR) and this ratio is capped at 60% of all borrowers' gross monthly income. If you are purchasing a HDB flat, the bank will also have to calculate your Mortgage Servicing Ratio (MSR). MSR is capped at 30% of all borrowers' gross monthly income. Calculation of MSR is based on loan amount and combined monthly gross income.
      Calculate how much you can borrow with our home loan calculator > link to calculator page
      (https://www.citibank.com.sg/gcb/mortgage/mortgage-calculator)
  • Can I be the borrower if the property belongs to my parents/children?

    No. All borrowers must be mortgagors of the financed property.
  • What are the types of home loan interest rate packages available?
      a) For those who prefer stability of monthly instalments, we offer fixed rate mortgages.
      b) For those who prefer to have transparency in the pricing of the mortgage, we offer variable rate mortgage (also known as floating rate mortgage) pegged to the Singapore Interbank Offered Rate (SIBOR).
    For borrowers who have excess cash savings and wish to reduce mortgage interest payment while retaining the flexibility of cash flow, the bank also offers the Citibank Home Saver Checking Account which contains a mortgage loan interest offset feature. The mortgage loan interest offset feature involves the crediting of a sum derived from applying an adjustment rate to the lower of the credit balances in the borrower's Citibank Home Saver Checking Account and the principal amount outstanding on the borrower's home loan to off-set the mortgage loan interest.
  • What is the maximum home loan tenure I will qualify for?
    a) Freehold Property
    • (i) Up to 35 years or 75 years of age, whichever is earlier. For example, if you are 25 years old now and buying a freehold property, the maximum loan period is 35 years.
    • (ii) The loan duration plus the age of the applicant must be less than or equal to 75 years.
    b) Leasehold Property
    • (i) Up to 35 years or 75 years of age, whichever is earlier.
    • (ii) The unexpired lease term at the end of the loan tenure must be at least 30 years.
  • What are the documents required for a home loan application?
    a) Completed duly signed Citi Home Saver Application Form
    b) Copy of NRIC/Passport of applicants
    c) Income documents:
    • i) Latest computerised payslip/IR8A
    • ii) Two years' tax return (for self-employed applicants)
    • iii) Two years' commission statement (for commission based applicants)
    d) Option to purchase
    e) Latest CPF statement of account (if CPF usage is involved)
    f) Latest CPF withdrawal statement for existing property (if applicable)
    g) Option of sale for existing property (if applicable)
    Please note that the bank may request for additional documents, where necessary, at any time during the loan application process.
  • How long is an In-Principle Approval (IPA) valid for?

    IPA is an approved loan amount given by the bank based on the credit report and affordability of the borrower. It is not a binding document and is subject to the property valuation and other checks in the application process. An IPA is valid for 60 days from approval date.
  • What are the fees involved for taking up a mortgage?
    Buying a home involves a range of upfront costs that you will need to factor into your budget. Examples of these costs are:
    a) Stamp Duty
    • Stamp duty is a tax payable to the government on the dutiable documents in relation to any property in Singapore.
    • -
      For property buyers, Buyer's Stamp Duty (BSD) is tax paid on the acceptance of Option to Purchase (OTP) or Sales & Purchase Agreements (S&P) and the amount is dependent on the purchase price or market value of the property, whichever is higher.
    • -
      An Additional Buyer's Stamp Duty (ABSS) needs to be paid if the property bought is not the first residential property of the buyer. The amount of duty paid depends on whether the buyer is an individual or an entity, the residency status of the buyer and the number of residential properties owned by the buyer.
    • -
      For property sellers, Seller's Stamp Duty (SSD) is payable and the amount is dependent on holding period of the property before it is sold.
    • Please refer to IRAS's website for more information on stamp duty.
    b) Fire Insurance
    • Fire insurance typically provides insurance coverage for loss and damage to your property caused by fire.
    • Fire insurance is required by the bank to insure your property against fire hazards.
    c) Legal Fees
    • Legal fees refers to the fees incurred for hiring a lawyer to handle all the legal paperwork for your property purchase and taking up a home loan. Fees payable varies from type of properties, value and transaction. Before committing to a lawyer on your own, it is good to check with the bank if the lawyer you have shortlisted is in the bank's approved panel of lawyers.
    d) Valuation Fees
    • Valuation fees are payable to the bank for the valuation service rendered before a mortgage is taken. It is important to note that the valuation fee varies depending on the type and value of the property.
  • How long is the mortgage loan application process?

    The duration for getting your mortgage loan application approved can be anywhere from 2 working days upwards, depending on the completeness of your documents and complexity of the application.
  • What is Bridging Loan?

    Bridging loan can be taken for the required cash down payment for the new property before cash proceeds are received from the sale of the existing property.
  • What is Joint Tenancy?

    Property ownership is by two or several individuals, and upon the death of any of the individuals, his/her interest is vested in the survivor(s).
  • What is Loan-To-Value(LTV)?

    The relationship between the amount of the mortgage loan and the appraised value of the property, expressed as a percentage. A LTV ratio of 80 means that a borrower is borrowing 80% of the value of the property and paying 20% as down payment.
  • What is a Mortgage-In-Escrow("MIE")?

    Mortgage done in advance and is signed by the borrower against borrowing before the property title deed is issued. Applies to building under construction ("BUC") projects.
  • What is Option to Purchase?

    An Option to Purchase is a right or option given by the seller of the property to the buyer to buy the property at a specified price within a specified period of time (the validity period of the option). If the buyer decides to buy the property, he/she has to exercise the Option to Purchase within its validity period by signing the Sale & Purchase Agreement and paying the down-payment. The buyer must pay a booking / option fee for this right or option, which will be forfeited if the Option to Purchase is not exercised within its validity period.
  • What is Sale & Purchase Agreement?

    Sale & Purchase Agreement refers to a private contract between the seller and the buyer for the sale and purchase of a property.
  • What is Temporary Occupation Permit("TOP")?

    A temporary occupancy permit is a permit allowing homeowners to occupy their property temporarily once key requirements are met.
  • What is Certificate of Statutory Completion(CSC)?

    A certificate issued when the authorities are satisfied that all aspects of the building works have complied with statutory requirements and are built according to the approved building plan. If only certain requisites are complied with, a Temporary Occupation Permit (TOP) may be granted first before finally complying with all requirements and obtaining a CSC.
The information herein is for general information only. It should not be relied upon as legal or professional advice. Whilst reasonable care has been taken to ensure the accuracy of the information herein, no warranty or representation is made as to its correctness or completeness. Content herein may be modified at any time without notice.
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Our mortgage experts are here for you.