# Help in banking



## lifeisfun (Apr 15, 2012)

Holla everyone..

I will be moving to Singapore in next month. I am looking for some financial help from banks in Singapore. I am looking for home loan...since will require one  Can anyone help me understand the working pattern or the bank requirements out there.. Help is really appreciated..


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## simonsays (Feb 11, 2009)

unless you are a PR or citizen, with atleast 2 or 3 years of CPF in bank and more, you cannot get a home loan here.

Unless you get a home loan from an Indian bank, with a branch in Singapore, for a home in INDIA !!

where exactly will your home be ?

Banking system is as same as everywhere - no collateral - no loan, unless you are a PR / Citizen


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## Jimmy1978 (Mar 21, 2012)

I think there are certainly some criteria that you would have to meet, such as period of residency, credit, income etc. I highly doubt you would qualify for a home loan straight away but you should check with the local banking institutions like POSB, OCBC, HSBC etc


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## WonderLust (Nov 24, 2011)

Additionally, if you are a foreigner buying a property here in Singapore, you MUST set up an offshore company to eliminate your stamp duties.


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## simonsays (Feb 11, 2009)

Wonderlust: I don't know if you know .. but IRAS has wisened up to the methods used by foreigners to avoid stamp duty  You can run but cannot hide ..


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## WonderLust (Nov 24, 2011)

ecureilx: If you are physically here in Singapore, working, staying over here. Using an offshore holding company is legitimate in every way. 

iras is more concern of *investors* using this method of purchase.


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## simonsays (Feb 11, 2009)

Wonderlust: yes, legitimate in every way agreed: but IRAS has gone after those using this loophole to avoid stamp duty ... investor or not .. 

The fact is it is a loophole ..


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## WonderLust (Nov 24, 2011)

ecureilx: I deal with IRAS and I brought families in when FIS was live. IRAS will never go after a foreigner using offshore holding company, especially when their place of domicile is in Singapore.


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## simonsays (Feb 11, 2009)

WonderLust: not to drag this, but my quote comes from 3 people I know, who came on FIS, and used the Offshore company method, and still got landed for stamp duty. So can I clarify - using an offshore company, is it grey area or perfectly legal ??


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## WonderLust (Nov 24, 2011)

ecureilx: You are missing the point my friend. People who came on FIS do not work in Singapore, it is merely to obtain a PR ship, to make investment and accomodation here much more convenient.

These people are ultimately investors, they fly back to their homeland once the interview is over and thats that. 

We are talking about expats who work here in Singapore, who have domicile here. And the answer is still a NO, IRAS won't go after this group of people.


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