Ordinary Mortgage Loans

Loans

Available for the purposes of buying and building on a stand, building on an existing stand or completing an existing structure or for home improvements.

Application Requirements

  • Applicant to open an account with POSB.
  • Proof of acceptable income (Proof of Savings or Pay slip),
  • Copy of Title Deed of the property.
  • Agreement of Sale signed by all parties,
  • Proof of Deposit required (25% of Selling Price).
  • Proof of Survey where Title Deeds are not yet available,
  • Original Identity Document such as National ID, Passport or Driver’s License and a clear photocopy of the same.
  • Copy of Approved Building Plans, Quotation for materials from reputable suppliers and labour (for building loans).
  • Quotations for the proposed improvements (for home improvement loans).

Benefits

  • Low interest rate.
  • Long repayment periods
  • Short turnaround time for processing loan applications
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. Pay slip (in the case of a formally employed individual).
  • Bank Statements for the past 3 months to which salary is received.

Benefits

  • Low interest rate.
  • Long repayment periods
  • Short turnaround time for processing loan applications