SINGAPORE - Taking a loan to buy your dream home? The mortgage application process has become more complicated since tighter loan rules were introduced last year, but we're here to help.
Here's a cheat sheet of the documents you'll need to bring to the bank:
1. Income documents
- Latest income tax notice of assessment and/or statement of CPF contributions for the last 12 months
- Supporting documents including latest payslips or bank statements showing your salary being regularly credited
- If there is more than one borrower for the loan, both must bring their income documents so that the debt can be apportioned according to each borrower's income
2. Financial assets
- Evidence of any financial assets, such as fixed deposit slips or bank statements, and confirmation that the asset is not claimed by any other party
3. Rental income
- Stamped tenancy agreement with at least six months to expiry, signed by the tenant and the home loan borrower as the landlord
4. Other debts
- All credit card statements to show outstanding debt
- Documents showing the monthly repayment amount of any recurring payments, such as credit lines, car loans, other property loans, personal loans (including from non-bank institutions) and overdrafts
- Any documents showing the home loan borrower's obligation as a guarantor for another loan or contract
Source: UOB