I get increasingly more questions from foreigners who look for financing overseas, might it be for purchases in the country where the loan is obtained, or elsewhere. Often, the buyers have sufficient with cash, but don’t want to put a big chunk of money in one investment.
There are countries in Asia that offer overseas property loans, one of the most popular ones is Singapore. I will continue writing about how you can get overseas property loans in Asian countries, but let’s start and have a look how it works when obtaining one in Singapore.
What is an overseas property loan?
If you’re a Singapore citizen or a permanent resident foreigner in Singapore, you can apply for a so called overseas property loan. Not all banks offer the loans, but you’ll find a handful of banks who do.
Simply put, overseas property loans are designed for investors who wish to buy property in another country, the banks normally offer the loans for purchases in a limited amount of developed countries, or sometimes even cities.
As a start, you can apply for the loan in your country of residence, but your main contact will be with a local branch in the country where you plan to buy.