HOUSING LOAN : APPLYING AS AN EMPLOYED PERSON

PART 1: HOUSING LOAN APPLICATION FOR EMPLOYED PERSON

A housing loan application can become a complicated and confusing process if you aren't aware of the documents required. 

To proceed with your housing loan application and propel you one step further to owning your dream home, you'll need to compile and submit some standard documents to the bank to prove you are financially stable and able to take on the repayments.

For an employed person, the documentation is relatively simple. However, certain things still need to be taken into account to ensure a smooth and straightforward application process.

It also helps to reduce the number of questions raised by the banks, so make sure you’ve got everything sorted out !

1) PAYSLIP : A payslip is the first piece of documentation you’ll need to show the bank, so they know how much you earn in a month.

2) EPF CONTRIBUTION STATEMENT : Expanding further on the Employees Provident Fund (EPF) contributions, banks will usually check the percentage of deduction.

3) BANK STATEMENTS : Bank statements are one of the most important documents banks will assess. For most of us, our salaries are credited directly into our bank account from our employers.

4) COPY OF YOUR I.C : Last but not least, you need a copy of your I.C.! Make sure it’s a clear image of the front and back with your updated particulars. It’s always best to prepare an extra copy, so attach two copies just in case.

These standard documents are required if you’re looking to apply for a housing loan and successfully own your dream home.

However, if you’re self-employed and running your own business, or your focus is on freelancing and jobs in the gig economy, you may need to submit a different set of documents when applying for a housing loan. ( Stay Tuned for Part 2 )