To set up mortgage payments through our platform, you can use the "Mortgage Loans" payment type. However, please note that there are a few important conditions you must fulfil before proceeding.
Conditions to Set Up Mortgage Payments:
- The bank does not accept mortgage payments directly from third-party services like CardUp.
- You must have an active GIRO arrangement with your bank to be able to set up payments on CardUp.
- We can only support the cash portion of your mortgage payments. The CPF portion will need to be handled directly with your loan provider.
Payment Process:
- When you create a mortgage payment through your CardUp account, we will first charge your credit card.
- The funds will then be transferred to your personal savings account that has a GIRO arrangement set up.
- Your bank will then deduct the funds from your savings account through the GIRO, as per your loan repayment schedule.
Timing Consideration:
To avoid double payments, we strongly recommend setting the CardUp due date at least 1-2 business days before your GIRO deduction is scheduled to occur.
For example, if your GIRO deduction is on the 15th of every month, you should schedule the CardUp due date on the 13th or latest by the 14th. Do not set the date to the same day as the GIRO deduction.
Required Documents for Mortgage Payments:
When setting up mortgage payments, you are required to provide us with the following supporting documents:
- Mortgage Agreement: Provide a copy of your mortgage agreement, which contains the details of your loan, such as the lender, loan amount, and repayment schedule.
- Recent Bank Statement: Provide a recent bank statement that shows your name, bank account number and any existing GIRO deductions. This will help us verify your banking information.
- GIRO Confirmation/Approval Letter: If you have recently set up a GIRO arrangement, please provide the confirmation or approval letter from your bank.
The required documents help us verify the details of your mortgage payment and ensure that the payment process is set up correctly. This allows us to transfer the funds to the right account and avoid any issues with your loan repayments.
Floating Interest Rates:
If there is a change in your mortgage interest rate, you must amend the payment amount accordingly to align with the latest interest rate. You are required to provide the letter from your loan provider about the revised interest rate as part of the supporting documents.
To set up Mortgage payments on CardUp:
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Sign up here, or log in to your existing account. Access your CardUp account and navigate to the Payments Dashboard. Locate the green button labelled "+ Create Payment" on the top right.
From the list of payment types, select "Mortgage Loans".
- Enter the name of the bank or financial institution providing you with the loan facility (e.g., DBS) and other relevant details. Once you have entered all the necessary information, click "Continue".
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Enter your payment details and a payment reference (loan policy number). You can choose to set up your payment as a one-time payment or a monthly recurring series.
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Select or add a new credit card to be used for this payment. Your card will be charged 3 business days before the due date selected.
- On the next page, you will be required to upload all the necessary documents. Refer to the "Required Documents" section above for the list of documents you need to provide. After uploading the documents, click "Continue".
- Carefully review the payment details to ensure everything is correct. If you are satisfied with the information, confirm the payment to complete the setup process.
Important Reminders:
- When you create a mortgage payment through CardUp, the funds will be transferred to your personal savings account that has the GIRO arrangement. Your bank will then deduct the funds from your savings account as per your loan repayment schedule.
- Ensure that you have sufficient funds in your credit card to cover the mortgage payment to be deducted on the CardUp due date you set up.
If you have any further questions or face any issues with your mortgage payments, please contact us here.