– Use abusive language, or behave in a threatening method in direction of you.
– Ask on your SingPass user ID and/or password.
– Retain your NRIC card or some other private loan ID documents (e.g. driver’s licence, passport,work permit, employment go or ATM card).
– Ask you to sign on a clean or incomplete Notice of Contract for the mortgage.
– Grant you a loan with out providing you with a replica of the Note of contract for the loan and/or with out properly explaining to you all the phrases and conditions.
– Grant you a mortgage without exercising due diligence (e.g. approving a loan over the phone, SMS or e-mail before even receiving your mortgage application kind and supporting paperwork, such as the income tax assessment and payslips).
– Withhold any a part of your principal loan amount for any purpose.
Such practices are not acceptable. If you happen to encounter them, you need to report the moneylender to the Registry of Moneylenders, with info such because the moneylender’s business title, licence and make contact with numbers.
– Consider whether or not you are able to abide by the contractual terms, bearing in mind your earnings and financial obligations. Borrow solely what you need and are able to repay. Be mindful that in case you are unable to meet the contractual terms, the late cost charges and curiosity payment shall be a monetary pressure not just on yourself but also on your family.
With so many things on the rise especially cost of residing. Typically we might want to take a mortgage to tide over the month. Ideally, we will take a loan from somebody we know. Why is that this so? As a result of you may slowly pay it off and at no curiosity. Unlike taking loans from banks or licensed money lenders.