EQUITY REFINANCE

EQUITY REFINANCE

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EQUITY REFINANCE

When there is a need for money for a legal undertaking, a property owner can borrow against their property and pledge the encumbered property as security for the loan. With the Equity Refinance Mortgage Loan, you can borrow a sum of a portion of the value of your property, subject to qualification by income. 

Equity Refinance Loan Application Requirements

  • Applicant(s) must be a POSB Account Holder (for at least 3 months).
  • Original Identity Document such as National ID, Passport, or Driver’s License and a clear photocopy of the same.
  • Letter from employer confirming salary, retirement age, and contract of employment which should be long enough to cover loan tenure.
  • Copy of the Title Deeds of the property to be financed.
  • Customer’s written Statement of Purpose.
  • Proof of Acceptable Income to service the Loan e.g. Payslip (in the case of a formally employed individual).
  • Bank Statements for the past 3 months on which salary is received.

Benefits

  • Low interest rate.
  • Longer repayment period.
  • Short turnaround time for processing loan applications.