Why Foreigners Are Taking up Permanent Residence in Singapore
According to 2005 Singapore population statistics, out of a total population of 4, 351, 400, non-resident population was around 797, 900. It is estimated that out of 10 persons working in Singapore, six were Singapore citizens, one was permanent homeowner and the remaining three Ki Residences Singapore were foreigners. In 2005, there were nearly 9. 7% permanent homeowner in this country. Moreover, the Singapore Economic Development Board (EDB) continues to draw the attention of foreigners through its beneficial features. It encourages the foreigners to contribute to Singapore’s economy growth and entitled them to most of the legal rights and duties of citizens like eligibility for government-sponsored housing, home mortgages, National services for adult men and more.
Nowadays, a large number of foreigners are taking up permanent Residence in Singapore due to many economical reasons. Besides, this place’s economic growth not just offers benefits to its citizens but to permanent residents and foreigners as well.
Some important benefits that attract a large number of foreigners towards this country are listed below:
Easy way of availing Singapore home mortgages:
There are some rules for foreigners or permanent residents who are looking for a housing loan but remember it’s not difficult to get approval. A foreigner can get up to 70 – 80% of leverage from major banks, whilst in some other countries it’s quite high. For example, you can get leverage around 60 – 70% in Australia and if you need leverage up to 80% then you need to out Lenders Mortgage Insurance (LMI), while in other countries it’s quite difficult to get leverage for home loan this can complicated home loan policies.
Besides, you can get more than 80% for housing loan in Singapore if you are quite aware of the place’s policies or if you are supported by an expert mortgage consultant.
Flexible policies for purchasing homeowner properties:
This country offers flexible policies for purchasing homeowner properties. You can even purchase restricted homeowner properties by getting approval from Singapore Land Authority. Moreover, getting approval is easy; all you have to do is fill out an application along with the necessary documents. If you are along with a professional mortgage consultant then you can effortlessly wind up the process in time.
Shortened home loan policies:
May very well not face complicated problems while applying for Singapore housing loans, because approval process, document submission, application submission and other related works are simple. If you unsure about the place’s home loan policies, then it’s better to look for home mortgages along with a professional mortgage consultant.
All these important benefits stimulate foreigners to take up permanent Residence in Singapore. However, make sure to get the best leverage as possible by using an expert mortgage consultant who might be aware of the different banks and their leverage percentages.