below are his questions and my reply for your easy reference:
Cheers!
Dennis Ng, http://www.HousingLoanSG.com
My comments:livinginparis wrote:I am beginning to have the idea of purchasing a property in Singapore, be it a HDB or Condo, if I can afford it.
I am living in Paris currently, and have not been making any CPF contribution since I start working here, like 3 years ago.
I don't think I have 'big difficulties' to take out the 10-20% down payment in cash, but for the rest of the payment. Can I use my CPF to pay part of it and the remaining taking a loan?
The questions are, if I take a loan in Singapore, with banks or not sure if I am entitled to HDB loan, will it be difficult if I am station oversea?
How long is the process going to take? As I am working here, going back to Singapore 'every now and then' might be difficult for me, and apart from the 'loaning procedure' with banks which I think I must be present, can I assign or do up an authorization letter that my family can do it on my behalf - for example, administration procedure, retiving documents, taking keys etc etc
I was back in Singapore, like 2 months ago and contacted HDB for enquiries. They told me I have to stay in Singapore for at least 6 months and I can find the rest of the information on their web-site and if I have any further questions I can call them.
They have a very informative web-site, but not a lot on oversea Singaporeans wish to purchase in Singapore. so I still need to call them to clarify, saying that I am working oversea, don't think I can afford to take 6 months leave. their reply was, then you cannot buy lah, b'cos u must be at least 6 months in the country...
My intial plan was to look around to 'find' a good spot in Singapore everytime I go back to visit my parents, and once I found it, I will make use of the summer holiday here, 3months, which majority of the people will take a month or two off, and during this two months, to go back Singapore and proceed my purchase. Thought that I can do it but I sense that it will be hard. So experts out there, any advise? or I have to give up the idea to purchase unless I decide to get my butt back home?
Merci
my company specialises in providing a one-stop service for Housing Loans and Business Loans in Singapore.
I will share with you what I know:
1. it is possible to arrange to appoint someone as your Power of Attorney to do all those things you mentioned. What the HDB officer mentioned might not be actually true.
2. you might/might not qualify for a HDB concessionary rate loan. There're certain income criteria and other criteria for a person to qualify for HDB concessionary rate loan.
3. in the event you cannot qualify for HDB concessionary rate loan, we can help you apply Housing Loan from banks without need for your presence in Singapore at all. This is a convenience we provide which is very useful especially for people (whether Singapore citizens or foreigners) who are working overseas but want to purchase a property in Singapore, and you do not even need to appoint a Power of Attorney if you want to sign the documents yourself.
4. We can arrange to email you information, including the Bank application form. Once loan is approved, we can arrange for Bank's Letter of Offer to be couriered to you overseas. All you have to do is just accept the Letter of Offer in presence of a Notary Public (or witnessed by Singapore embassy offcial in the country you reside in).
5. thereafter you just need to courier the documents back to us. Similarly, we can also arrange Conveyancing Lawyer to courier Mortgage documents to you overseas (following the same procedures).
you might be glad to know that the service is FREE for you. We do not charge you a fee and the bank pays us a fee separately (since we're in a way a "replacement banker"). The difference being we can provide unbiased comparison of ALL Housing Loan packages from ALL financial institutions in order that you can make an informed decision.
6. we can also get Free indicative valuation from approved valuers on the property you are looking at, which would enable you to "negotiate and bargain" with the seller on the price. Some clients have saved anything from S$20,000 to S$110,000 from this service we provide.