{"id":4105,"date":"2016-01-12T04:02:31","date_gmt":"2016-01-11T20:02:31","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=4105"},"modified":"2022-07-01T03:41:44","modified_gmt":"2022-06-30T19:41:44","slug":"property-loan-approval","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/property-loan-approval\/","title":{"rendered":"What Determines Whether Your Property Loan Gets Approved?"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><div id=\"contentsContainer\" contenteditable=\"true\">\n<div id=\"contents\">\n<p id=\"E410\"><span id=\"E413\" class=\"qowt-font5-Arial\">There are a lot of myths about what affects your property loan. If <\/span><span id=\"E414\" class=\"qowt-font5-Arial\">you <\/span><span id=\"E415\" class=\"qowt-font5-Arial\">go by rumour, everything in your life is a factor \u2013 from your job to your car to the pattern of facial hair you sprout <\/span><span id=\"E416\" class=\"qowt-font5-Arial\">on<\/span><span id=\"E417\" class=\"qowt-font5-Arial\"> a bad week. We\u2019re going to let you in on a secret: the process of loan approval is straightforward, and quite predictable:<\/span><\/p>\n<p id=\"E419\"><strong><span id=\"E420\" class=\"qowt-font5-Arial\">The factors determining property loan approval<\/span><\/strong><\/p>\n<p id=\"E421\"><span id=\"E422\" class=\"qowt-font5-Arial\">There are some variations on this list, depending on the bank you go to. But these are the basic factors that almost every bank will look at. <\/span><\/p>\n<ul>\n<li id=\"E423\" class=\"qowt-li-1_0 qowt-list qowt-stl-ListParagraph\"><span id=\"E424\" class=\"qowt-font5-Arial\">Your Total Debt Servicing Ratio<\/span><\/li>\n<li id=\"E425\" class=\"qowt-li-1_0 qowt-list qowt-stl-ListParagraph\"><span id=\"E426\" class=\"qowt-font5-Arial\">Your credit score<\/span><\/li>\n<li id=\"E427\" class=\"qowt-li-1_0 qowt-list qowt-stl-ListParagraph\"><span id=\"E428\" class=\"qowt-font5-Arial\">Your age<\/span><\/li>\n<li id=\"E429\" class=\"qowt-li-1_0 qowt-list qowt-stl-ListParagraph\"><span id=\"E430\" class=\"qowt-font5-Arial\">Income and source of income<\/span><\/li>\n<li id=\"E431\" class=\"qowt-li-1_0 qowt-list qowt-stl-ListParagraph\"><span id=\"E432\" class=\"qowt-font5-Arial\">Valuation<\/span><\/li>\n<li id=\"E433\" class=\"qowt-li-1_0 qowt-list qowt-stl-ListParagraph\"><span id=\"E434\" class=\"qowt-font5-Arial\">Remaining lease<\/span><\/li>\n<\/ul>\n<h3 id=\"E436\"><strong><span id=\"E437\" class=\"qowt-font5-Arial\">1. Your Total Debt Servicing Ratio<\/span><\/strong><\/h3>\n<p id=\"E438\"><span id=\"E439\" class=\"qowt-font5-Arial\">Also referred to as TDSR, or any favourite Hokkien expletive (if you are an agent or developer.) <\/span><\/p>\n<p id=\"E440\"><span id=\"E441\" class=\"qowt-font5-Arial\">The TDSR is one of the most significant cooling measures imposed by the government. It is meant to prevent overleveraging (too much borrowing), and to push home prices down.<\/span><\/p>\n<p id=\"E442\"><span id=\"E443\" class=\"qowt-font5-Arial\">When you apply for a home loan, the bank will compare your debt obligations to your monthly income. Your total debt repayments each month, after getting the property loan, must not exceed 60 per cent of your monthly income. For example:<\/span><\/p>\n<p id=\"E444\"><span id=\"E445\" class=\"qowt-font5-Arial\">Say you are apply<\/span><span id=\"E446\" class=\"qowt-font5-Arial\">ing for a loan of $2 million, with a 30 year loan tenure. The monthly repayments are around $7,300.<\/span><\/p>\n<\/div>\n<\/div>\n<div id=\"contentsContainer\" contenteditable=\"true\">\n<div id=\"contents\">\n<p id=\"E447\"><span id=\"E448\" class=\"qowt-font5-Arial\">In addition to this, you have:<\/span><\/p>\n<ul>\n<li id=\"E449\" class=\"qowt-li-8_0 qowt-list qowt-stl-ListParagraph\"><span id=\"E450\" class=\"qowt-font5-Arial\">A car loan, for which you pay $1,500 per month <\/span><\/li>\n<li id=\"E452\" class=\"qowt-li-8_0 qowt-list qowt-stl-ListParagraph\"><span id=\"E453\" class=\"qowt-font5-Arial\">Various personal instalment loans, for which you pay $1,200 per month<\/span><\/li>\n<li id=\"E454\" class=\"qowt-li-8_0 qowt-list qowt-stl-ListParagraph\"><span id=\"E455\" class=\"qowt-font5-Arial\">The remnants of your university education loan, for which you pay $400 per month<\/span><\/li>\n<\/ul>\n<p id=\"E456\"><span id=\"E457\" class=\"qowt-font5-Arial\">With the property loan, you would be obliged to make total monthly repayments of $10,400.<\/span><\/p>\n<p id=\"E458\"><span id=\"E459\" class=\"qowt-font5-Arial\">Your monthly income is $25,000. Your repayments come to around 41.6 per cent of your total monthly income \u2013 this is your TDSR, and you would qualify for the loan.<\/span><\/p>\n<p id=\"E460\"><span id=\"E461\" class=\"qowt-font5-Arial\">If your TDSR would exceed 60 per cent, the loan will either not be approved, or you will be asked to lower the amount you\u2019re borrowing. <\/span><\/p>\n<p id=\"E462\"><span id=\"E463\" class=\"qowt-font5-Arial\">If you apply for a personal lo<\/span><span id=\"E464\" class=\"qowt-font5-Arial\">an to cover the down payment, that loan<\/span><span id=\"E465\" class=\"qowt-font5-Arial\"> <\/span><span id=\"E466\" class=\"qowt-font5-Arial\">is factored into<\/span><span id=\"E467\" class=\"qowt-font5-Arial\"> your TDSR<\/span><span id=\"E468\" class=\"qowt-font5-Arial\">. <\/span><span id=\"E469\" class=\"qowt-font5-Arial\">So try to avoid that.<\/span><\/p>\n<h3 id=\"E471\"><span id=\"E472\" class=\"qowt-font5-Arial\">Do not mistake the TDSR for the Mortgage Servicing Ratio (MSR)<\/span><\/h3>\n<p id=\"E473\"><span id=\"E474\" class=\"qowt-font5-Arial\">You may occasionally come across <\/span><span id=\"E475\" class=\"qowt-font5-Arial\">a<\/span><span id=\"E476\" class=\"qowt-font5-Arial\"> condition called the MSR. For example, the bank may require that you have an MSR of 35 per cent. This means that the monthly repayments <\/span><span id=\"E477\" class=\"qowt-font5-Arial\">from your home loan only <\/span><span id=\"E478\" class=\"qowt-font5-Arial\">cannot exceed 35 per cent of your monthly income.<\/span><\/p>\n<p id=\"E479\"><span id=\"E480\" class=\"qowt-font5-Arial\">In the above example (earning $25,000 <\/span><span id=\"E481\" class=\"qowt-font5-Arial\">per month), this would mean<\/span><span id=\"E482\" class=\"qowt-font5-Arial\">\u00a0property loan repayments, irrespective of other debts, cannot exceed $8,750 per month. <\/span><\/p>\n<p id=\"E483\"><span id=\"E484\" class=\"qowt-font5-Arial\">You must still adhere to the 60 per cent TDSR limit, even if you meet the MSR.<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-17786\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/01\/property-loan-credit-score.jpg\" alt=\"how your credit score can impact property loan approval\" width=\"720\" height=\"490\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/01\/property-loan-credit-score.jpg 1500w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2016\/01\/property-loan-credit-score-940x640.jpg 940w\" sizes=\"(max-width: 720px) 100vw, 720px\" \/><\/p>\n<h3 id=\"E486\"><strong><span id=\"E487\" class=\"qowt-font5-Arial\">2. <\/span><span id=\"E488\" class=\"qowt-font5-Arial\">Your credit score<\/span><\/strong><\/h3>\n<p id=\"E489\"><span id=\"E490\" class=\"qowt-font5-Arial\">Every bank will check your credit score<\/span><span id=\"E491\" class=\"qowt-font5-Arial\"> when you apply for a loan. This is a number between 1,000 and 2,000, for which you will be assigned a grade. <\/span><span id=\"E492\" class=\"qowt-font5-Arial\">You can obtain your credit score for about $6, from the Credit Bureau of Singapore (CBS.)<\/span><\/p>\n<\/div>\n<\/div>\n<div id=\"contentsContainer\" contenteditable=\"true\">\n<div id=\"contents\">\n<p id=\"E494\"><span id=\"E495\" class=\"qowt-font5-Arial\">At 1,911 to <\/span><span id=\"E497\" class=\"qowt-font5-Arial\">2,000 points, you will have a credit rating<\/span><span id=\"E498\" class=\"qowt-font5-Arial\"> of AA. Assuming you meet the other conditions on this list, this <\/span><span id=\"E499\" class=\"qowt-font5-Arial\">often<\/span><span id=\"E500\" class=\"qowt-font5-Arial\"> assures you will get the maximum allowable loan (80 per cent of the property value.)<\/span><\/p>\n<p id=\"E501\"><span id=\"E502\" class=\"qowt-font5-Arial\">Foreign buyers should note that Singapore banks do not neg<\/span><span id=\"E503\" class=\"qowt-font5-Arial\">otiate interest rates for high<\/span><span id=\"E504\" class=\"qowt-font5-Arial\"> risk borrowers<\/span><span id=\"E505\" class=\"qowt-font5-Arial\">. The interest rate on your home loan will not be adjusted to make up for your risk profile: your loan is either rejected, or you <\/span><span id=\"E506\" class=\"qowt-font5-Arial\">ar<\/span><span id=\"E507\" class=\"qowt-font5-Arial\">e asked to take a smaller loan. <\/span><\/p>\n<p id=\"E508\"><span id=\"E509\" class=\"qowt-font5-Arial\">If you <\/span><span id=\"E510\" class=\"qowt-font5-Arial\">have never <\/span><span id=\"E511\" class=\"qowt-font5-Arial\">taken a loan<\/span><span id=\"E512\" class=\"qowt-font5-Arial\"> in your life<\/span><span id=\"E513\" class=\"qowt-font5-Arial\">, your credit rating will be Cx. This is <\/span><span id=\"E514\" class=\"qowt-font5-Arial\">not <\/span><span id=\"E515\" class=\"qowt-font5-Arial\">as good as AA, as it means the bank has no idea who they\u2019re dealing with. <\/span><\/p>\n<p id=\"E516\"><span id=\"E517\" class=\"qowt-font5-Arial\">For this reason, a lot of borrowers take small loans or use credit cards (which they pay back religiously) <\/span><span id=\"E518\" class=\"qowt-font5-Arial\">two to<\/span><span id=\"E519\" class=\"qowt-font5-Arial\"> three years<\/span><span id=\"E520\" class=\"qowt-font5-Arial\"> before taking a home loan. The idea is to have th<\/span><span id=\"E521\" class=\"qowt-font5-Arial\">e<\/span><span id=\"E522\" class=\"qowt-font5-Arial\"> coveted AA score by the time of your application.<\/span><\/p>\n<p id=\"E523\"><span id=\"E524\" class=\"qowt-font5-Arial\">Foreigners often start with a credit rating of Cx. There is no inter-border data exchange for credit scores; banks here <\/span><span id=\"E525\" class=\"qowt-font5-Arial\">can\u2019t<\/span><span id=\"E526\" class=\"qowt-font5-Arial\"> check your credit score back home <\/span><span id=\"E527\" class=\"qowt-font5-Arial\">via the Credit Bureau of Singapore <\/span><span id=\"E528\" class=\"qowt-font5-Arial\">(although some might request you present <\/span><span id=\"E529\" class=\"qowt-font5-Arial\">a credit report from home<\/span><span id=\"E530\" class=\"qowt-font5-Arial\">.)<\/span><\/p>\n<h3 id=\"E534\"><span id=\"E535\" class=\"qowt-font5-Arial\">For former bankrupts or defaulters:<\/span><\/h3>\n<p id=\"E536\"><span id=\"E537\" class=\"qowt-font5-Arial\">Bankruptcy is removed from your credit report five years after receiving the official letter of discharge. You should be able to apply for a property loan normally at that point.<\/span><\/p>\n<p id=\"E538\"><span id=\"E539\" class=\"qowt-font5-Arial\">Records of default are removed after three years, assuming the debt was settled (e.g. paid through debt restructuring.) <\/span><span id=\"E540\" class=\"qowt-font5-Arial\">If the debt was written off with no attempt at repayment, it will remain on record indefinitely; this can result in rejection or a smaller loan.<\/span><\/p>\n<h3 id=\"E542\"><strong><span id=\"E543\" class=\"qowt-font5-Arial\">3. Your age<\/span><\/strong><\/h3>\n<p id=\"E544\"><span id=\"E545\" class=\"qowt-font5-Arial\">The loan tenure has a maximum of 35 years.<\/span><span id=\"E546\" class=\"qowt-font5-Arial\"> <\/span><span id=\"E547\" class=\"qowt-font5-Arial\">In addition, the sum of the loan tenure and your age must not go beyond the retirement age of 65. So if you are 40 years\u00a0<\/span><span class=\"qowt-font5-Arial\">old at the time of application, you have a maximum loan tenure of 25 years. <\/span><span id=\"E548\" class=\"qowt-font5-Arial\">Explaining to the banker that this wouldn\u2019t have happened \u201cin your day\u201d is not helping.<\/span><\/p>\n<\/div>\n<\/div>\n<div id=\"contentsContainer\" contenteditable=\"true\">\n<div id=\"contents\">\n<h3 id=\"E551\"><strong><span id=\"E552\" class=\"qowt-font5-Arial\">4<\/span><span id=\"E553\" class=\"qowt-font5-Arial\">. Income and source of income<\/span><\/strong><\/h3>\n<p id=\"E554\"><span id=\"E555\" class=\"qowt-font5-Arial\">Income matters due to the TDSR (see point 1.) If you have a regular pay check this is straightforward. But if you are self-employed, your income may fluctuate.<\/span><\/p>\n<p id=\"E556\"><span id=\"E557\" class=\"qowt-font5-Arial\">For these variable income <\/span><span id=\"E558\" class=\"qowt-font5-Arial\">types<\/span><span id=\"E559\" class=\"qowt-font5-Arial\">, a 30 per cent haircut is imposed. So if you earn $10,000 per month, you will be treated as if you earn $7,000 per month for the purposes of meeting the TDSR.<\/span><\/p>\n<p id=\"E560\"><span id=\"E561\" class=\"qowt-font5-Arial\">Your loan application be rejected due to lack of <\/span><span id=\"E562\" class=\"qowt-font5-Arial\">proper documentation. If your income is not revealed in your CPF statements or IRAS tax forms, you will need to produce some other form of proof, such as client pay slips. <\/span><\/p>\n<h3 id=\"E564\"><strong><span id=\"E565\" class=\"qowt-font5-Arial\">5. Valuation<\/span><\/strong><\/h3>\n<p id=\"E566\"><span id=\"E567\" class=\"qowt-font5-Arial\">When determining the loan amount, the bank will use the official valuation of the property. <\/span><span id=\"E568\" class=\"qowt-font5-Arial\">Not<\/span><span id=\"E569\" class=\"qowt-font5-Arial\"> the seller\u2019s asking price<\/span><span id=\"E570\" class=\"qowt-font5-Arial\">, but the official valuation. If t<\/span><span id=\"E571\" class=\"qowt-font5-Arial\">he seller asks for $2.3 million, and <\/span><span id=\"E572\" class=\"qowt-font5-Arial\">then valuation says th<\/span><span id=\"E573\" class=\"qowt-font5-Arial\">e house is worth $2.2 million,<\/span><span id=\"E574\" class=\"qowt-font5-Arial\"> the bank is going to base the loan on $2.2 million. <\/span><\/p>\n<p id=\"E575\"><span id=\"E576\" class=\"qowt-font5-Arial\">You can go to different banks to get a different valuation. <\/span><\/p>\n<p id=\"E577\"><span id=\"E578\" class=\"qowt-font5-Arial\">Beyond dollars, banks will<\/span><span id=\"E579\" class=\"qowt-font5-Arial\"> factor in conditions that may make the property difficult to sell. For example, almost no bank will give you a loan for properties in the red ligh<\/span><span id=\"E580\" class=\"qowt-font5-Arial\">t district of Geylang.<\/span><span id=\"E581\" class=\"qowt-font5-Arial\"> <\/span><\/p>\n<p id=\"E582\"><span id=\"E583\" class=\"qowt-font5-Arial\"><\/span><strong><span id=\"E593\" class=\"qowt-font5-Arial\">6. Remaining lease<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<div id=\"pageBorders\">\u00a0<span id=\"E595\" class=\"qowt-font5-Arial\">If you are buying a property with limited <\/span><span id=\"E597\" class=\"qowt-font5-Arial\">time on the lease (e.g. less than 40 years), the bank might reject the loan. Most mortgage bankers will tell you outright if the remaining lease is too short.<\/span><\/div>\n<p>&nbsp;<\/p>\n<p>If you found this article helpful, 99.co recommends <a href=\"https:\/\/www.99.co\/singapore\/insider\/tdsr-ltv-cooling-measures-review\/\">TDSR and LTV ratio: Should this cooling measures be reviewed?<\/a> and <a href=\"https:\/\/www.99.co\/singapore\/insider\/home-loan-rejected\/\">Why is my home loan being rejected<\/a>.<\/p>\n<p>Looking for a property? Find your dream home on Singapore\u2019s largest\u00a0<a href=\"http:\/\/www.99.co\/?utm_source=blog%20main%20site%20conversion\">property portal 99.co<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are a lot of myths about what affects your property loan. If you go by rumour, everything in your life is a factor \u2013 from your job to your car to the pattern of facial hair you sprout on a bad week. We\u2019re going to let you in on a secret: the process of&hellip;<\/p>\n","protected":false},"author":17,"featured_media":54119,"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":[53902,53621,53917,53918,53919],"persona":[],"class_list":{"2":"type-post","15":"entry","16":"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>What determines whether your property loan gets approved?<\/title>\n<meta name=\"description\" content=\"We take a tour through your credit score, debt servicing ratio, income and more to learn what influences the approval of your property loan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.99.co\/singapore\/insider\/property-loan-approval\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Determines Whether Your Property Loan Gets Approved?\" \/>\n<meta property=\"og:description\" content=\"We take a tour through your credit score, debt servicing ratio, income and more to learn what influences the approval of your property loan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.99.co\/singapore\/insider\/property-loan-approval\/\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/99dotco\/\" \/>\n<meta property=\"article:published_time\" content=\"2016-01-11T20:02:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-30T19:41:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/07\/what-determines-property-loan-approval.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"950\" \/>\n\t<meta property=\"og:image:height\" content=\"633\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"99.co\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@99dotco\" \/>\n<meta name=\"twitter:site\" content=\"@99dotco\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"99.co\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/property-loan-approval\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/property-loan-approval\/\"},\"author\":{\"name\":\"99.co\",\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/#\/schema\/person\/0058658f1a1cdadf5f7d957b386c348b\"},\"headline\":\"What Determines Whether Your Property Loan Gets Approved?\",\"datePublished\":\"2016-01-11T20:02:31+00:00\",\"dateModified\":\"2022-06-30T19:41:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/property-loan-approval\/\"},\"wordCount\":1139,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/property-loan-approval\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/07\/what-determines-property-loan-approval.jpg\",\"keywords\":[\"buying a home\",\"buying in singapore\",\"home loan\",\"mortgage\",\"property loan\"],\"articleSection\":[\"Financial News\",\"Home &amp; 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