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We just sold our 5 room flat with sales proceeds of 280K + $40K cpf. Now we are looking to purchase another resale 4 room flat around $340K. He is self-employed on his new career for about 8 months plus, and his income had increase to $4K/mth but if based on his previous 2 years self employed is only $3K/mth. So is he able to get bank loan of $180K-$200K? I am currently a housewife. Should we go to the bank directly or is it better to seek assistance from mortagage or financial consultant?
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4 Answers

Dear madam,

Basing on self employed income of $4,000 and assuming that your husband is able to obtain a 30years loan and without other financial commitments, the loan eligibility is in the range of $185,000, and with your existing funds available, the affordability of a 4 room flat at $340,000 seems achievable, however, because of the variance in the income level, it is best to submit all necessary documents to the financial institution for a proper in principle approval of loan. I am working with a very experienced banker who maybe able to assist you in working out your sums. Let me know if you require further assistance.

I have been in the real estate business since 2009, with more than 10years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

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I look very much to hear from you soon.

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OHMYHOME PTE LTD
Hi,

It is advisable to speak to a mortgage specialist and get a bank in principle approval.

Ohmyhome
 68869009  Read More
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YT Tan (陈永达)
Good afternoon Mdm,

do take note that banks will recognise self employed's NOA only at 70%. If his NOA is $36k ($3k x 12 months), only $25.2k will be taken into consideration.

With that, your loan might be $125k. Loan tenure for HDB flats is 25 years.

To be more accurate, will you mind my banker contact your hubby?

By the way since you just sold your place. Where are you guys going to stay during this transition?

"Your Freehold Ally, Leasehold Tactician"

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OHMYHOME PTE LTD
Greetings from Ohmyhome!.

We are able to assist you on this matter.

For more information, kindly contact us at 68869009  or WhatsApp us at 97551009  .

Richmond Chia
Senior Advisor
Ohmyhome Pte Ltd Read More
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