{"id":121484,"date":"2021-08-17T01:11:32","date_gmt":"2021-08-16T18:11:32","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-dbs-loan-allows-seniors-to-borrow-against-their-private-property\/"},"modified":"2021-08-17T10:09:33","modified_gmt":"2021-08-17T03:09:33","slug":"new-dbs-loan-allows-seniors-to-borrow-against-their-private-property","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-dbs-loan-allows-seniors-to-borrow-against-their-private-property\/","title":{"rendered":"New DBS loan allows seniors to borrow against their private property"},"content":{"rendered":"


\nNew DBS loan allows seniors to borrow against their private propertySingaporeans and Singapore Permanent Residents aged 65 to 79 will be able to borrow against their fully paid private homes to top up their CPF Retirement Sums that will be used for the CPF LIFE scheme.
\nSeniors owning private property in Singapore can now take up a loan against their homes to supplement their retirement funds.
\nUnder the DBS Home Equity Income Loan (DBS EIL), Singaporeans and Singapore Permanent Residents aged 65 to 79 will be able to borrow against their fully paid private homes to top up their CPF Retirement Sums that will be used for the CPF LIFE scheme \u2013 enabling them to receive higher monthly payouts.
\nRecommended article:\u00a0Should You Use CPF to Pay Off Your Home Loan?
\nThe maximum amount that could be borrowed by an individual is the amount needed to reach the present CPF Enhanced Retirement Sum, which stands at $279,000 this year.
\nThe loan period may be up to 30 years till the customer, or the youngest borrower in case of a joint loan, reaches 95 years old. The loan comes with a fixed interest rate of 2.88% per year.
\nSeniors who take up the loan need not worry of monthly loan repayments as the loan amount and accrued interest are payable only at loan maturity.
\nThey can also sell their property anytime they want as well as to repay the loan without a penalty fee.
\n\u201cIf the value of the property declines during the loan period, borrowers are not required to make any payment to reduce the outstanding loan amount if there is no event which triggers early termination of the loan,\u201d said DBS.
\nIn the event of early termination of loan due to the borrowers\u2019 death, for instance, DBS will not repossess the property until all other mutually acceptable options have been exhausted.
\nP\u2019ing Lim, DBS\u2019 Head of Deposits, Financing Solutions and Ecosystems, said the new scheme addresses existing gaps within the market, while working as a pre-emptive measure to help seniors plan for their future.
\n\u201cWe considered that the long loan period, coupled with steady retirement income, ensures retirees will be well placed to decide what they want to do next with their property, whether it\u2019s to time the market to sell, to rent out a room, downsize, or transfer the property to their successors when they pass on,\u201d she said.
\n\u201cDBS EIL was designed after listening closely to the concerns, needs and wants raised by older homeowners, researched similar examples in other developed nations, looked at what worked (and what didn\u2019t) before we arrived at this solution, unique to Singapore. Ultimately, DBS EIL also represents DBS\u2019 strong commitment towards helping Singaporeans retire well and with security.\u201d
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email:\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…New DBS loan allows seniors to borrow against their private property<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

New DBS loan allows seniors to borrow against their private propertySingaporeans and Singapore Permanent Residents...<\/p>\n","protected":false},"author":1,"featured_media":121485,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-121484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/08\/condo-singapore.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vBq","jetpack-related-posts":[{"id":111443,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/seniors-receive-average-lbs-proceeds-of-177000\/","url_meta":{"origin":121484,"position":0},"title":"Seniors receive average LBS proceeds of $177,000","date":"October 8, 2019","format":false,"excerpt":"\r The Ministry of National Development noted that most seniors \u2013 after taking up the Lease Buyback Scheme \u2013 have enough CPF RA savings \u201cto benefit from a lifelong income stream of about $1,000 per month on a household basis under CPF LIFE\u201d. With the Lease Buyback Scheme (LBS) enhanced\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113576,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/760000-cpf-members-to-get-home-protection-scheme-rebates\/","url_meta":{"origin":121484,"position":1},"title":"760,000 CPF members to get Home Protection Scheme rebates","date":"January 13, 2020","format":false,"excerpt":"\r Those eligible for HPS rebates will receive at least $500 and will be notified via email, SMS or letter.\u00a0\u00a0 Around 760,000 Central Provident Fund (CPF) members are set to receive premium rebates from the Home Protection Scheme this month. In fact, rebates worth $640 million will be given out\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":92604,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lower-hdb-insurance-premiums-by-july\/","url_meta":{"origin":121484,"position":2},"title":"Lower HDB insurance premiums by July","date":"June 27, 2018","format":false,"excerpt":"\r Singaporeans who use their CPF savings to repay their mortgage loans from HDB will soon enjoy savings when paying their insurance premiums under the Home Protection Scheme.\u00a0 The Central Provident Fund (CPF) board announced on Tuesday (26 June) that Singaporeans who use their CPF savings to repay their mortgage\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41829,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/single-and-eligible\/","url_meta":{"origin":121484,"position":3},"title":"Single and eligible","date":"January 25, 2017","format":false,"excerpt":"\r Established in 1990, the Joint Singles Scheme aims to help Singaporeans aged 35 and above to jointly purchase a flat. The longstanding HDB rule that singles below the age of 35 cannot own HDB flats is well known. But if you and a friend, sibling or partner are already\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123233,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-upgraders-on-a-condo-buying-spree\/","url_meta":{"origin":121484,"position":4},"title":"HDB upgraders on a condo buying spree","date":"November 15, 2021","format":false,"excerpt":"\r HDB upgraders on a condo buying spreeIn the first nine months\u00a0of 2021, 7,169 buyers with HDB addresses\u00a0purchased new and resale private homes, a 21% increase from the same period last year. The rapid increase in Housing and Development Board (HDB) resale prices has enabled HDB upgraders to easily acquire\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/11\/Buildings-singapore.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":41832,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/buying-a-flat-6-scenarios-you-might-face\/","url_meta":{"origin":121484,"position":5},"title":"Buying a flat: 6 scenarios you might face","date":"January 25, 2017","format":false,"excerpt":"\r The higher the floor, the costlier the flat, so if budget is a concern, opt for a unit on a lower floor.\u00a0 Aside from the important decisions you have to make when buying an HDB flat, there is always the risk of unforeseen circumstances that may affect the buying\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/121484"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=121484"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/121484\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/121485"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=121484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=121484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=121484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}