You need to provide the following basic documents before the financial institution can process your loan application:
- A photocopy of identity card or passport
- Your latest 3 months' salary slip
- Your latest income tax return form (form J) or EA form
- Sale and Purchase Agreement/deposit or booking receipt/letter of offer from the housing developer
- A photocopy of the land title (if any)
- The latest bank statements (compulsory in the absence of salary slips and/or Form J/EA Form) dating back six months/savings passbook/fixed deposits
- Valuation report for completed houses and/or
- If you are self-employed, you need to provide your business registration documents, latest 3 months bank statements, latest financial statements and other supporting documents to support your income
However, some financial institutions may require additional supporting documents.
Upon acceptance of the letter of offer, you will need to appoint a lawyer to draw up the loan documentation for you. Normally, you would select your lawyer from a list of panel lawyers provided by your financial institution.
Some of these documents need to be submitted to the relevant government authorities for registration and to the Stamp Office for stamping.
Upon completion of the above, these registered documents are then submitted to the financial institution and you will be given a copy of the Loan Agreement.
In general, the timeframe for the completion of this legal process should not exceed 6 months.
Reprinted with permission from BankingInfo (A Consumer Education Programme)
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