Heading Sub Title
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.
