This is quite of a new concept that has been developed in the recent past identifying the needs to people who travel abroad with financial issues. Ideal examples would be students who are travelling abroad for higher studies, people travelling abroad seeking for employment opportunities etc. Generally most of them travel abroad only if they have money go and survive, which is the common law and custom followed by the immigration department of many countries as well. However, there can be people who somehow figure a way out to fool the immigration department and get their visas although not actually having money survive until they fulfil their purpose. Hence, here are a few things to keep in mind when you need money overseas.
Generally a loan for foreigners in that particular country is given to be invested in their country itself. It cannot be sent to another country or taken through the borders of the country. These type of time payments are granted to any amount between 150,000 USD to 10 million USD depending on the type of employment they possess as well the repayment capacity. Generally the loan types are owner occupied, cash out refinance, second home, or for other investment opportunities. These can only be invested in the following property types;
• Single family homes
• Town homes
• Commercial properties
Requirements and Conditions
There are a few requirements when it comes to obtaining a loan for foreigners in Singapore. Firstly the state will be looking at a few aspects of the applicant which are generally the repayment capacity, financial history, future objectives, liquidity, financial management skills, employment history etc. After these aspects being ticked off by the assessors, they will follow to documentation. The following documentation is generally being requested by the applicant. It is also to be noted that if they find some sort of a legal discrepancy. However, here are a list of documents which needs to be presented to obtain a loan.
• Valid Visa and Passports
• A copy of 3 bank statements to present financial history
• 3 credit reference letters
• A letter from your previous or current employer stating the income for the last 2 years.
• Copy of a purchase contract.
Once all these requirements and documentation is being sorted out the applicant is forwarded to their final phase where a small interview is conducted by the state management to further clarify the applicant’s intentions and future intentions. This is a great way to help out the immigrants since they rarely would have anyone to help them in this country unlike their home country. This is therefore a great service as well as a great aid for their life.
Further analysing this, there will be many great financial opportunities available in the market if anytime is interested in this service.