Can Foreigners Get Home Loans in Singapore?

March 26, 2024
Benjamin Lam
Can Foreigners Get Home Loans in Singapore?

Singapore has long been a popular location for foreign investments. If you’re a foreigner living in Singapore, then you might find yourself wondering whether or not you can apply for home loans. Read on as we break down everything you need to know about getting a home loan in Singapore as a foreigner. 

Are Foreigners Allowed to Take Out Home Loans in Singapore?

So can foreigners get home loans in Singapore? It’s a pretty common question given that Singapore's real estate market is highly regulated, with stringent measures in place to ensure stability and sustainability. This includes regulations concerning home loans for both citizens and non-citizens alike. While it may seem daunting at first, foreign nationals do have avenues to explore when it comes to securing financing for a home within the country.

Now, it’s a common misconception that only Permanent Residents (PRs) can apply for home loans in Singapore. And while it is true that PRs do have access to certain advantages such as avoiding the additional 20 per cent stamp duty, non-residents can also apply for a home loan. 

To qualify for a home loan in Singapore as a foreigner, certain eligibility criteria must be met. These criteria typically include factors such as income, employment status, credit history, and existing debt obligations. Lenders will assess these factors to determine the level of risk associated with extending a loan to a foreign applicant.

What Documents Do Foreigners Need When Applying for a Home Loan?

When applying for a home loan in Singapore as a foreigner, be prepared to provide a comprehensive set of documentation. This may include proof of identity, proof of income, employment pass or work permit, bank statements, and documentation related to any existing assets or liabilities. Lenders will assess these documents to understand the applicant's financial stability and repayment capacity.

Proof of income usually comes in the form of payslips or income tax statements. While having proof of income can be helpful, it’s still possible to get a home loan even without it. If you’re unable to provide valid documents, there are alternatives that you can provide to prove that you can make timely repayments on your home loan. One way you can go about this is by providing bank statements. Bank statements display all the income that you’ve received from different channels.

One big issue that foreigners might face is if their income is not based in Singapore. In such cases, banks may require you to put up cash as a fixed deposit for 2-4 years where the amount is generally the total instalment payable. This means that a loan amount if $1 mil could require a fixed deposit of appx. $200k pledge. Alternatively, you can say that the LTV is about 20% less. . 

What Do You Need to Look for When Choosing a Home Loan?

Choosing the right home loan is a critical decision that can significantly impact your financial well-being in the long run. Given this, it’s best to take all important factors into account before committing to a home loan.

Determine the maximum loan quantum available to you as a foreigner, which typically ranges up to 75% of the property's purchase price. Consider how much funding you require and whether you can afford the down payment and any additional expenses associated with the property purchase.

You’ll also want to evaluate the loan tenure offered by various lenders and assess whether the repayment period aligns with your financial goals and capabilities. Shorter loan tenures typically result in higher monthly repayments but lower overall interest costs, while longer tenures offer more manageable monthly payments but may incur higher interest expenses over time.

Lastly, be mindful of the various fees and charges associated with the home loan, including loan processing fees, valuation fees, legal fees, and early repayment penalties. Factor these costs into your budget and assess their impact on the overall affordability of the loan.

How Do You Improve Your Chances of Securing a Home Loan?

Securing a home loan in Singapore as a foreigner can be a complex process, but with the right guidance and preparation, the process is actually quite manageable. Websites like Lendingpot can help you identify potential lenders by collating all the useful data and presenting them in an easy-to-read layout. Borrowers gain valuable insights and assistance at every stage, from loan comparison to loan approval. Tools like these used in conjunction with a reputable financial advisor can help streamline the application process and increase the chances of approval. 

Ultimately, the key to obtaining a home loan in Singapore as a foreigner lies in building a strong financial profile. This includes maintaining a stable income, managing existing debts responsibly, and demonstrating a commitment to long-term financial stability. By showcasing your financial reliability and readiness to take on homeownership responsibilities, you can enhance your chances of securing the financing you need to make your Singaporean property dreams a reality.


While obtaining a home loan in Singapore as a foreigner may present challenges, it is certainly feasible with the right approach and preparation. Understanding the eligibility criteria, exploring loan options, and preparing necessary documentation are crucial steps in the process. By working with experienced professionals and demonstrating financial stability, foreign buyers can realise their aspirations of owning property in the vibrant city-state of Singapore.

Lendingpot is dedicated to making your search for financial products as easy as possible. Apply to our platform for personal loans, business loans, and new home loans to get access to exclusive rates with our partners. Alternatively, you can browse through our collection of educational resources to learn more about mortgages, other loan products, or broader financial topics. 

Lendingpot is working on making your search for financial products an easy one. Apply on our platform for personal loans, business loans and mortgage refinancing to get access to exclusive rates with our partners. On top of that, we aim to bring you insights & reviews on the latest financial products available.

Benjamin Lam

Benjamin heads up Lendingpot with a background in all things SME. He was previously a commercial banker at Citi with experience in Relationship management, Credit Risk, Trade Operations and Corporate FX sales; and understands the difficulties SMEs face in this opaque world of SME financing.

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