Bridging loan Singapore has been the problem solver for many borrowers while dealing with the shortage of money at the time of dealing when purchasing new property rather it is home or equipment for office. The bridging loan is the good way of avoiding any debt from unrecognized person or embarrassment in front of the seller. The borrower always contacts the legal and licensed person for getting more knowledge about it. By introducing this loan into the market, financial institutions has widened the choice of loan and it is a good initiative to facilitate the borrower as much as possible.
The property dealers, landlords and house owners tend to take the bridging loan for increasing their list of properties. The advantages of the bridging loan are endless but some most important benefits are revealed to increase the knowledge about this fantastic facility.
Short Term Finance
A Bridging loan in Singapore is a short term financing but at high interest rates. This is the opportunity for overcoming the dearth of money while paying off the amount of new property. Anyway, this type of loan is widening the list of loans by offering the borrower an appropriate package.
Quick Approval And Instant Money Hand Over
The bridging loan is also famous in all over the Singapore due to the rapid approval of the loan application and money hand over. It would take few minutes to pass the application and get the amount of loan than the other types of the loan. So, borrowers don’t have to wait for a long time.
Flexible Repayment Options
The repayment options are kept flexible in the bridging loan by paying off the loan before and after the deal of the new property or the existing one. The repayment schedule is under the choice of the borrower and the amount of the loan.
The bridging loan can save the time of the borrower to some extent because of the quick approval and loan payment. So, majority of the Singaporeans gets the money of the loan in one day after going through the whole process of the loan approval.
Bridging Loan Calculator
Loan calculator is also the best facility for estimation of the expected loan amount and installments per month. The tenor should be checked after lending the loan. By bridging loan calculator, many borrowers can have the information about the minimum amount of loan through their monthly or annual income.