Usual considerations in approving mortgages – Singapore property for sale/ rent
Singapore property for sale/ rent – The usual considerations in approving bank loans are as follows:
- Income
- CPF contribution
- Amount in CPF Ordinary account
- Other financial commitments e.g. other housing loans or car loans
- Credit rating (check with Credit BureauSingapore) e.g. bad history of payments in servicing loans or credit cards.
- Debt servicing ability e.g. debt-to-loan ratio not exceeding 40%
- Bankruptcy search
- Age of borrower
- Nationality of borrower
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