What do I need to know about the Industrial and Commercial Bank of China Home Loan?
This is a conventional, straightforward housing loan. It has a floating interest rate and the option to deposit extra cash in a lump sum payment to reduce your loan principal and loan interest - just takes one simple request to the bank.
Subject to your credit-worthiness, the bank can finance up to 90% of the value of your new house.
What are my commitments?
You'll need to pay your monthly installment, that’s a huge enough commitment if you're taking up a 30-year home loan. Your repayments will vary according to fluctuations in the BR.
It is important to keep up with the installments because failure to do so will result in unpleasant late payment penalties.
What kind of insurance do I need?
It is compulsory to buy fire insurance. If your property has a Group / Master Insurance, you can request a copy of that policy and get a rebate from Industrial and Commercial Bank of China.
The bank also encourages you to take up Mortgage Reducing Term Assurance (MRTA) to hedge the risk of losing your family's property due to unforeseen circumstances.
Why should I choose this mortgage?
You have the flexibility to deposit extra cash to reduce your principal and interest charges without paying unnecessary fees, saving you money and time!
What documents are needed when applying a home loan with ICBC?
Salaried nt:
- NRIC photocopy
- Latest 6 months salary slip
- Latest 6 months bank statements / savings passbook
- Latest EPF statement
- Letter of Employment
- Sales & Purchase Agreement / Booking receipt from developer
- Valuation report if the property is from a sub-sale
Self-employed applicant:
- NRIC photocopy
- Latest 6 months salary slip
- Latest 6 months bank statement
- Business Registration forms like From 24 & 49
- Sales & Purchase Agreement / Booking receipt from developer
- Valuation report if the property is from a sub-sale
- And any other documents to evaluate your net worth, like fixed deposit certificate or unit trust investment statement
