facebookI’d like to buy a private condo. I have about 150k cash to 200k SGD cash in the bank, payslips coming from a European company. Why doesn’t the banks allow me to have a loan? - Seedly
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Anonymous

18 Apr 2019

I’d like to buy a private condo. I have about 150k cash to 200k SGD cash in the bank, payslips coming from a European company. Why doesn’t the banks allow me to have a loan?

Hi All, i’d like to buy a private condo. I have about 150k cash to 200k sgd cash in the bank, payslips coming from a european company which is in euros, don’t pay income tax as I am exempt from it since I work offshore(sea man), I have about 100k cpf. Why doesn’t the banks allow me to have a loan? Asking for a friend.

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    What are your thoughts?

    It'll be much faster and accurate to just ask the banks directly. There are a few criterias which could be a red flag and could be different for each banks. To name a few:

    1. a borrower may not have a debt-to-income ratio of greater than 43 percent
    2. fees and points may not exceed 3 percent of the loan amount
    3. lenders must verify a borrower’s income
    4. no mortgages greater than thirty years and no interest only or negative amortization loans

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