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Homebuyer Tips
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Home > Buyer's Guide > Homebuyer Tips
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| How To Apply For A Home Loan |
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The basic criteria in determining the loan repayment capacity of a prospective homebuyer is that their monthly loan installment repayment and commitments (other loans) should not be more than 1/3 of their gross monthly household income.
The homebuyer would need to provide the following documents to apply for a loan:
- A photocopy of their identity card or passport
- Latest 3 months salary slips
- Latest income tax return form (Form J) or EA form
- Sale and purchase agreement/ deposit or booking receipt/ letter of offer from the housing developer or real estate agency
- A photocopy of the land title (if available),
- The latest bank statements / savings/ passbook/ fixed deposits (compulsory in the absence of salary slips and/or Form J/ EA form) dating back 6 months
- Valuation report for completed houses and / or
- If you are self employed you need to provide your business registration documents, latest 3 months bank statements, latest financial statements and other supporting documents
Please note that some financial institutions may require additional documents.
Those who do not meet the minimum criteria can combine their income with other family members to increase their eligibility when applying for a loan. EPF Withdrawal is also possible for members.
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