Business property loans are for individuals or for a group of people who are thinking of starting a business. Business property loans in Singapore help you acquire the property needed to start your business or to acquire property to expand your business. These loans also help to refinance existing business properties. There are several business properties loans options in Singapore that you can use to purchase or refinance your existing property. It is an installment loan that you can use to acquire industrial or commercial property to expand or establish your business.
Singapore banking offers a variety of business property loan options for a small business owner to prosper their businesses. Before you apply for your property loan, it is best to know the best options available in the market. Many banks in Singapore offer a business property loan; however, the requirements for each Bank is different from the rest. Although most banks will ask for the income statement, bank statement or tax statement, some banks also make it mandatory for you to have an account in the Bank you are using to apply for a loan.
Mortgage Super Market Singapore:
It is one of the best business property loan options in Singapore. This property loan option offers the ability to buy industrial/commercial property or refinance your existing business property. This service has been compared with 23 banks in Singapore. Through this service, you will get a 0-3 lock-in period with the maximum loan quantum of 90%. The Bank does not charge any additional subsidies i.e., no additional charges or hidden charges. It is a complete package.
Applying for the mortgage super Markert loan is comparatively easy
- Contact your desired Bank via email or phone call to book an appointment
- Visit the Bank to discuss your options
- Submit your application according to your loan option
- Wait for the approval of the lender’s offer letter
- Settlement and competition
Business Property Loan from Standard Chartered Bank
Standard Chartered Bank in Singapore also provides the facility of property loans. Through this service, you can buy commercial units, industrial units, residential units to shops and houses. The best part about this option is its flexible repayment method.
If you are looking to get tenure for new property purchases than the time of repayment is up to 25 years and if you are looking to refinance your existing property the time of repayment is up to 30 years.
Their application process is straightforward, and the upside to this service is that you can also get additional funds for your property and business.
Honk Kong and Shanghai Banking Corporation (HSBC) Singapore:
Honk Kong and shanghai Baking corporation also offer business property loans in Singapore. They offer a variety of benefits with flexible rates and payment plan. It is an ideal option for a business property loan in Singapore.
Terms and conditions to get a business property loan through HSBC Singapore are as follows:
- You are required to have an account in HSBC which should be opened at least one month before you submit your application for a business property loan.
- Property should be located within the state.
- Architect’s certificate certifying the stage of manufacturing of property is a must.
- Copy of the borrower’s occupation permit
Commerce International Merchant Bankers ( CIMB ) Singapore:
CIMB Singapore also offers business property loan options in Singapore. You can acquire offices, commercial units, or any industrial building through CIMB business property loan. They offer a comparatively low-interest rate with up to 80% quantum of Financing. It offers a flexible repayment plan for up to 30 years. To apply for a Business loan through CIMB, you have to fulfill the following requirements
- Your age should be above 21 to be eligible for the loan
- A photocopy of NRIC owner
- Previous 12-month loan statement from existing Bank
- Income documents
- Tenancy agreement
- 2-year income tax assessment
Maybank Singapore has satisfied thousands of customers in Singapore. Acquiring business property can be more exhilarating than residential property; however, the paperwork and procedure to buy business property is lengthy, and you can get confused.
To get a business property loan, you require profit and loss statement, income tax statement, and bank statement of the owner. Applying for a business property loan through Maybank Singapore is very easy. All you need to do is to speak to the Maybank consultant, applying for the business loan through the consultant and wait for the funding for your new business property.