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Taking a Mortgage Loan for the Self-Employed

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If you are a self-employed person who is looking to take a home loan, here are two basic considerations you need to be aware of

1. Good Credit Standing2. Stable Business

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Good Credit Standing

As a self-employed person, you are deemed as a higher risk

potential

Why?

There could be greater income and debt fluctuations simply

because you are the person responsible for the business

You need to demonstrate a favourable credit history to

make up for the cash-flow instability

SO

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Stable Business

You need to be in business for at least two years because

financing institutions require latest 2 years of tax bill for

application

If you have only been in business for a year, you can take a

loan based on

• one-year Notice of Assessment

• and asset-based lending [not applicable to Housing

Development Board flat]

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But still loan approval is case-by-case and not all financiers offer

asset-based lending.

To find out more about this form of loan, please look at

Property Buyer FAQ: What is Asset Based Lending in

Singapore Property Lending?

In addition, financing institutions base the loan quantum on the income stated in the Notice of Assessment. Therefore, if you have claimed for tax deduction, this will lower the income in your tax bill.

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About Property Buyer Mortgage Consultants

Property Buyer Mortgage Consultants is a research focused independent mortgage broker. We emphasize a consultative approach where we match our client’s financial situation with the best fit mortgage loan, not simply a cheap loan.

We also help property buyers in their buying process helping them avoid pitfalls from unscrupulous property agents. (We are not property agents, therefore there is no conflict of interests.)

We also developed our proprietary home loan reporting tool which provides amongst other things, 23 years Sibor history as well as 6 years worth of SOR.

Our service is free to you as banks pay us a commission on loan deals completed. Banks in turn save on staffing cost as we are not on their payroll. www.PropertyBuyer.com.sg/mortgagewww.SingaporeHomeLoan.netwww.iCompareLoan.com/consultant/