Singapore is a Garden and lion city. Yes when we hear the word Singapore these two words come in the picture. Apart from this, Singapore is even famous for its island. It is well developed with the market economy. IT is very rich with economy, And very good for the investment. When we talk about the investment money lender is very necessary. So in Singapore money lender is establishing separate sectors.
Initially money lender are a man or group of man, lend their money and to get the high rate of interest from the borrower. But now it is not like that. The one who is following the same are considered as fake. The licensed moneylender first has to explain the rules and regulation to the borrower in there communicating language so, he can understand rules properly, and provide him the copy of contract. This gives the complete information about the rate of interest, how long he has to pay and what will be due date and the schedule to pay as well fees structure.
After all these borrower must go through the terms where it matches to him and he can afford the loan interest then only he has to agree for the contract. When the person agrees for the contract money lender will take the original copy of the real estate property and they will take sale deed also. Once the caveat on the sale done, he can’t sale the property until he gave complete money to the money lender.
In Singapore there are specific rules for moneylender, before them to plan to open office or organization as a Moneylender they should register partnership or company with the name and they have to apply for the license. There will be the test for Moneylender also, in the sense the person who is going to manage the company. The test will be conducted by the moneylender association of Singapore. To clear the test one must know the rules and regulation of the Money lender. And the government rules also.