Question from client:
Will the application be hindered if there is a gap of 1 year where no CPF monies is being deposited due to self-employment?
Private property application –
For self employed, you need to have latest 2 years Notice of Assessments (NOA) to get 80% financing.
If you only have 1 year NOA, the loan approved is usually base on Asset backed lending. (ABL is not applicable to HDB property)
Take note that the approval is still based on a case to case basis.
You may consider of bringing in a co-borrower to support your loan if you need 80% financing.
Income documents needed for co-borrower:
Self-Employed – Latest 2 year Notice of Assessment
Salaried – Computerised pay slips (latest 3 months) or Latest 1 year Notice of Assessment