Anonymous

01 May 2020

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For Self-Employed, may I ask if the Banks will look at which of the following in assessing Mortgage Loan/Credit Limit? 1) Assessable Income (Trade Income Minus Expenses) 2) Chargeable Income?

What will they look at primarily?

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Angeline Teo

01 May 2020

Calculator at The Internet

Assessable Income

And banks usually discount 50% of Self Employed's income.

A person with a corporate or civil sector salary of $30,000 may be able to get a property loan for this 3rm flat.

A self employed will probably need $60,000 assessable loan to qualify for the same loan, because banks usually discount income from commission based income, director pays, self employed pay.

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Pang Zhe Liang

28 Apr 2020

Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)

In most cases, they will require at least 2 years NOA (available on IRAS portal. Moreover, they may ask you for the latest 3 to 6 months income as well.

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Colin Lim

28 Apr 2020

Financial Services Consultant at Colin Lim

You are self employed and you are applying for new home loan?

They will ask for your 2 years latest...

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