Approval-in-Principle AIP for New Home Loan
Buying a home is an important decision. Many people may not be aware of their own financial health and hence overestimate their ability to buy a new residential or commercial property. Often property buyers commit to buying a property and pay for the option to purchase only to realize that they cannot get a loan, therefore losing their 1% OTP. Worst still, some property buyers may have exercised their option to purchase without a bank loan in hand only to find out later that banks may be unwilling to lend them.
With the imposition of Total Debt Servicing Ratio (TDSR)
regime, it is even more important to assess your finances first with a Singapore Mortgage broker. After that, apply for an Approval-in-principle prior to placing any 1% option to purchase, so that you can have peace of mind when you bid for a property.