Asked by Anonymous
Hi,
We all know that to get a loan approval from banks, gross monthly income is needed to determine how much loan we can get.
In PropertyGuru Max Affordability calculator, other than gross monthly income, there is also Annual Variable income.
From the perspective of banks:
1. My understanding for Annual Variable Income may include any form of bonuses, commissions and rental income. May I know do all banks accept "Annual Variable Income" as a component to assess for IPA? Computed as 70% of Gross Monthly Income?
2. How is Overtime income calculated for "Gross Monthly Income"? Or will it be under "Annual Variable Income?"
3. How about part time income (with CPF contribution)? Can the part time income be added to "Gross Monthly Income" in Bank Loan Application? Monthly part time income varies, but on frequent basis.
Thanks.
We all know that to get a loan approval from banks, gross monthly income is needed to determine how much loan we can get.
In PropertyGuru Max Affordability calculator, other than gross monthly income, there is also Annual Variable income.
From the perspective of banks:
1. My understanding for Annual Variable Income may include any form of bonuses, commissions and rental income. May I know do all banks accept "Annual Variable Income" as a component to assess for IPA? Computed as 70% of Gross Monthly Income?
2. How is Overtime income calculated for "Gross Monthly Income"? Or will it be under "Annual Variable Income?"
3. How about part time income (with CPF contribution)? Can the part time income be added to "Gross Monthly Income" in Bank Loan Application? Monthly part time income varies, but on frequent basis.
Thanks.
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