Frequently Asked Question (FAQ)

Feel free to contact us if you have any questions that are not in this list.
  • How can I contact Loansupermart for more details?
    • You can contact Loansupermart by:
      (a) Calling/ Texting/ Whatsapp our Loan Consultants at 94521182 (Eugene Tan) and 91879299 (Sean Hum)
      (b) Emailing us at [email protected]
      (c) Leaving your contact details here
      (d) Message us through facebook at https://www.facebook.com/loansupermart
      We appreciate it that you could leave your contact particulars so that we can contact you to answer your queries.

  • What are the features I should take note of in a home loan offer?
    • You should take note of the following features:
      (a) Loan amount
      (b) Rates: Fixed, SIBOR-pegged, SOR-pegged or Board Rate-pegged
      (c) Loan period
      (d) Repayment terms: Penalty if you do a partial / full repayment of loan before the contractual date
      (e) Legal fees, valuation fees subsidy
      (f) Free fire insurance

      Feel free to contact Loansupermart to understand more.

  • How can I gear up on my property?
    • You may be eligible for additional loan as the valuation of your property rises. This is subject to factors like your income level, financial commitments, credit rating and CPF usage for the property.

      You can approach Loansupermart to request a gear-up. Our Mortgage Specialists will advise you on the amount of loan eligible, rates applicable and financing options accordingly.

  • Why should I refinance?
    • Refinancing with another bank could allow you to enjoy cost savings from lower instalment payments due to the lower rates offered.

      However, you need to take into considerations that there may be early repayment charges if you repay your existing home loan before its lock-in period. There are other costs associated with refinancing, which include valuation fees and legal fees. Of which, bank may offer subsidies and/or rebates.


      Feel free to contact Loansupermart for a free analysis on the net cost savings that you can enjoy by refinancing.

  • What is my monthly loan instalment?
    • You can use Loansupermart Monthly Loan Breakdown to compute your monthly instalments. (Note: This calculator can only provide an estimate. The actual amount payable may differ slightly.)

  • How do I find out about my current loan information?
    • You can find out more about your loan with your current Bank through bank statements issued, personal internet banking, calling their call centre or contacting financial consultant at any bank branch.

      You can also contact Loansupermart for a fast response if you have gone through us for your housing loan.

  • How do I check whether my home loan is within the penalty period for partial / full repayment (lock-in period)?
    • You can do any of the following:

      • Refer to your Letter of Offer
      • Check with financial consultant at any bank branch or
      • Contact the bank call centre.

      You can also contact Loansupermart for a fast response if you have gone through us for your home loan.

      If your home loan has passed its lock-in period, please contact us to find out more about the refinancing options available.

  • When should I start sourcing for a Home Loan?
    • New Purchase Loan
      An Option to Purchase (OTP) typically has to be exercised within 14 days and failing which the option fee will be forfeited. You are thus encouraged to start looking for a loan once the OTP has been signed. This is to obtain confirmation of your financing and ensure that the OTP can be exercised within the 14 days.

      If you are uncertain whether the loan required could be approved by the bank, you are recommended to obtain an Approval-In-Principle (AIP) before you commit to the purchase and pay the option fees. AIP provides an indication of your borrowing ability and confirms that you qualify for the bank loan.

      Refinancing

      You are recommended to start sourcing for a refinancing loan package 3 to 6 months before your loan is out of its penalty period for repayment (lock-in period). This is to take into consideration the time required for retrieving the required documents and for bank approval to ensure a smooth switching of bank package once the loan is out of lock-in.

      Feel free to contact Loansupermart to understand more about your financing options.

  • What is the maximum loan repayment period?
    • You may borrow up to a maximum period of 35 years (for private properties) and 30 years (for HDB flats), depending on the age of the borrower(s).

      Different banks have different policies on the computation of maximum loan repayment period. Feel free to contact Loansupermart to understand more about your maximum loan repayment period.

  • How much can I borrow and how much cash do I have to set aside for down payment of my new property?
    • To make an offer, you have to place an option fee of 1% of the purchase price. To exercise the option, you typically have to pay a further 5% to 10% of the purchase price (less the option fee). For HDB flats, option fee is often up to $1,000 and to exercise the option, you will have to pay up to $5,000 (less the option fee).

      If this is your first property with a loan, you may borrow up to 80% of the purchase price or valuation whichever is lower. For the remaining 20%, 5% has to be paid by cash and the balance 15% can be paid by cash or Central Provident Fund (CPF).

      If you have an existing loan on any other property, you may borrow up to 50% of the purchase price or valuation whichever is lower. For the remaining 50%, 25% has to be paid by cash and the balance 25% can be paid by cash or CPF.

      The above is indicative and may change due to regulatory requirements. It is also subject to individual bank approval. Feel free to contact Loansupermart to understand more about your financing options.

  • What are the benefits of going through Loansupermart LLP?
    • Loansupermart is one of Singapore’s leading home loan advisory firm. Our team of professional and experienced home loan specialists offer FREE personalised service to help you save time and money by finding the BEST deal for your HDB, private and / or commercial properties. Making us your single point-of-contact makes your loan sourcing simple and hassle-free.

      Feel free to contact Loansupermart to understand more about your financing options.