{"id":12761,"date":"2017-12-04T03:31:32","date_gmt":"2017-12-03T19:31:32","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=12761"},"modified":"2022-07-01T04:10:28","modified_gmt":"2022-06-30T20:10:28","slug":"home-loan-rejected","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/home-loan-rejected\/","title":{"rendered":"Why is my home loan being rejected"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p><img decoding=\"async\" class=\"aligncenter wp-image-12767 size-full\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2017\/12\/99whyhomeloanrejected.png\" alt=\"home loan rejected\" width=\"596\" height=\"842\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Plenty of Singaporeans are caught off-guard, when their home loan application is rejected. This may surprise you, especially if you\u2019ve gotten a home loan before; since 2014, new rules and regulations have kicked in. Here are the typical reasons to look for:<\/span><\/p>\n<h3><b>Key highlights \u2013<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If the last time you bought a house was before 2014, your home loan could have been approved then but turned down now. This is due to new restrictions on age, and the Total Debt Servicing Ratio framework.<\/span><\/li>\n<\/ul>\n<h3><b>Reason #1: The Total Debt Servicing Ratio<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">In 2014, the Monetary Authority of Singapore (MAS) passed the Total Debt Servicing Ratio (TDSR) framework. The TDSR caps your loan repayments to 60 per cent of your monthly income, <\/span><i><span style=\"font-weight: 400;\">inclusive <\/span><\/i><span style=\"font-weight: 400;\">of all loan obligations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, say your monthly income is $6,000 per month. Under the TDSR, your maximum monthly loan repayments \u2013 inclusive of your home loan, car loan, personal loans, etc. \u2013 cannot exceed $3,600, or 60 per cent of your monthly income.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(For loans with flexible repayment, such as credit lines and credit cards, the minimum monthly repayment is used to calculate TDSR limits). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If your home loan would cause your monthly repayments to exceed the TDSR limit, the application will be rejected. <\/span><\/p>\n<h3><b>Solutions:<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Pay down your loans aggressively, before your next attempt to apply for a home loan<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Stretch out the loan tenure, to lower monthly repayments<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Take a smaller loan <\/span><\/li>\n<\/ul>\n<h3><b>Reason #2: Haircut on variable income<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If you have a variable income, such as having a commission-based salary, collecting rental income, or running your own business, a \u201chaircut\u201d of 30 per cent will be applied. That is, your monthly income will count as being 30 per cent lower for the purposes of calculating your TDSR (see reason 1). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">So if your monthly income is $6,000, it will count as being $4,200. Your TDSR limit would be 60 per cent of $4,200, or $2,520 per month. <\/span><\/p>\n<h3><b>Solutions:<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">There\u2019s not much you can do about this, other than to increase your income or become a salaried employee. <\/span><\/li>\n<\/ul>\n<h3><b>Reason #3: Bankruptcy <\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If you are currently bankrupt, you won\u2019t qualify for a home loan. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you were previously bankrupt but have since been discharged, then note the date on your official letter of discharge. Most banks will wait till five years after your official discharge from bankruptcy, before granting you a home loan. Some banks may require seven years. <\/span><\/p>\n<h3><b>Solutions:<\/b><\/h3>\n<ul>\n<li><b><span style=\"font-weight: 400;\">You can try to approach non-banking financial institutions for a loan. However, be aware that the interest rate may be much higher.<\/span><\/b><\/li>\n<li><span style=\"font-weight: 400;\">Get a guarantor to backup your home loan application<\/span><\/li>\n<\/ul>\n<h3><b>Reason #4: Improper \/ lack of documentation for income sources<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">You must, at the very least, be able to provide your previous years\u2019 Notice of Assessment from the Inland Revenue Authority of Singapore (IRAS). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re self-employed or a business owner, or have rental income, you will need at least two consecutive years of income statements. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Without these records, the bank cannot grant your home loan application. <\/span><\/p>\n<h3><b>Reason #5: The IWAA <\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If your age plus your loan tenure exceed 65 (the retirement age), your maximum Loan-to-Value (LTV) ratio falls to 60 per cent (i.e. you can only borrow up to 60 per cent of your property price or value, whichever is lower). The normal, maximum LTV is 80 per cent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If there are two or more borrowers however, your collective \u201cage\u201d is your Income Weighted Average Age (IWAA). This is calculated as: <\/span><\/p>\n<p><span style=\"font-weight: 400;\">(Age of borrower 1 x monthly income of borrower 1) + (Age of borrower 2 x monthly income of borrower 2) \/ total income of both borrowers<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Say you are 37 years old, and earn $6,000 per month. Your co-borrower, who is your spouse, is 29 years old and earns $4,500 per month. Your IWAA is:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(37 x 6000) + (29 x 4500) \/ 10500 = 33.57 (rounded up to 36)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This means that, if the two of you have a loan tenure exceeding 29 years, your loan will only be approved if the LTV is 60 per cent or lower. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just reducing your loan tenure by one year (if you opted for 30 years) may qualify you for a loan at the full LTV of 80 per cent.<\/span><\/p>\n<h3><b>Solutions:<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Take a smaller loan<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Know your IWAA, and tweak your loan tenure accordingly \u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Switch the co-borrowers if possible (e.g. take on your children as co-borrowers instead of your spouse), if it would improve the IWAA<\/span><\/li>\n<\/ul>\n<h3><b>Reason #6: Credit rank<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The bank will assess your credit rank, which is available from the Credit Bureau of Singapore (CBS). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If your credit rank is BB or below, the bank may decline your loan. This usually happens because of repeated late payments, or because you sought large amounts of credit in a short time (e.g. opening two credit lines and applying for five different loans within a month).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Note that if you have <\/span><i><span style=\"font-weight: 400;\">no <\/span><\/i><span style=\"font-weight: 400;\">credit rank, because you\u2019ve never taken a loan before, the bank can be equally hesitant. This is because there\u2019s no proof that you\u2019re responsible.<\/span><\/p>\n<h3><b>Solutions:<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Check your own credit score from CBS. You can obtain a report for $6.42.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If you spot inconsistencies (e.g. you see a notice of default when you\u2019ve never had one), raise a dispute to CBS immediately. Try to apply for the loan again, once the issue is rectified.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If your credit rank is bad, then take out small loans and <\/span><i><span style=\"font-weight: 400;\">reliably <\/span><\/i><span style=\"font-weight: 400;\">pay them back on time. After a year or two of reliable repayments, your credit rank will probably improve. <\/span><\/li>\n<\/ul>\n<h3><b>Reason #7: \u00a0Employment history<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Most banks will not grant you a loan, if you cannot demonstrate at least two consecutive years of employment. If you\u2019re self-employed, you must demonstrate at least two years of relatively stable income.<\/span><\/p>\n<h3><b>Solutions:<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Try to stick with a job for at least two years, before your next home loan application.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Get a guarantor to back you up for the loan. <\/span><\/li>\n<\/ul>\n<h3><b>Reason #8: The property is problematic<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Banks will not give out loans for:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Properties in some parts of Geylang, notably the red-light areas (exactly which areas varies depending on the bank)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Properties with 30 years or less remaining on the lease<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Properties with serious defects or complications (e.g. the property is infested or condemned) <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Properties with low or rapidly declining valuations (e.g. properties where the value has fallen by 10 per cent or more, for whatever reason, in the space of one to two years). <\/span><\/li>\n<\/ul>\n<h3><b>Solutions:<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Not all banks use the same valuation experts. Try different banks.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If the property has 30 years or less on the lease, or is in Geylang, consider buying via a private contract (e.g. get a lawyer to draft a contract with the seller, so you can work out a payment plan directly with the seller). <\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you found the information in this article useful, you may want to read more about <\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/hdb-bank-loans\/\"><span style=\"font-weight: 400;\">deciding between a bank loan and an HDB loan<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.99.co\/singapore\/insider\/improve-credit-score-hdb\/\"><span style=\"font-weight: 400;\">improving your credit score in relation to buying an HDB flat in 2018<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plenty of Singaporeans are caught off-guard, when their home loan application is rejected. This may surprise you, especially if you\u2019ve gotten a home loan before; since 2014, new rules and regulations have kicked in. Here are the typical reasons to look for: Key highlights \u2013 If the last time you bought a house was before&hellip;<\/p>\n","protected":false},"author":21,"featured_media":54956,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53593,53589,57131],"tags":[53621,53917],"persona":[],"class_list":{"2":"type-post","12":"entry","13":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why is my home loan being rejected - 99.co<\/title>\n<meta name=\"description\" content=\"Not sure why your home loan application has been rejected? 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