Singapore’s real estate market is one of the most economically booming markets in the world. Over the years there have been fluctuations in the economy. However, the demand for real estate in Singapore has always remained constant. This is due to the strategically developed and well-maintained infrastructure in the main city and the surrounding areas. Due to the high demand, getting a home loan approved in Singapore can be quite competitive and the process of getting one approved usually takes time. Let us give you a few tips on how to get your home loan approved fast whether you are refinancing your housing loan or getting a home loan for the first time.
How your application is assessed by the bank?
Before diving into preparing the documents for your application, it is important that you understand how your application is assessed by the bank. It is more or less like applying for a job. You need to make sure that you convince the bank that you are a great candidate and that you are perfectly capable of making sure that they get back their money without any hassle and on time.
Establish a strong financial character
Building and maintaining a strong financial character over a period of time takes skill and effort. Those who are always on top of their bill payments, taxes, debt payments and other financial responsibilities always have a better chance of getting any loan including home loans approved and receive best home loan rates as well. Your aim should be to present yourself as the ideal borrower. Therefore, if you are thinking of getting a home loan in the future, it will be largely beneficial if you maintain your credit profile extra well at least for a year before you send your application for the loan.
Prove your intention to use the loan to purchase a property
Due to people falsifying reasons to get loans, you need to demonstrate that you have the capability and the willingness to actually buy a property. This includes any down payments you have already done. For a better measure, get a document from a registered real estate agent confirming your disposition to buy a certain property. If you have already decided on the property you will be buying, including its specific details will make it easier for a faster approval.
Last but not least, always make sure you provide both originals and certified copies with all your documentation to make the process easier for your bank. They usually give you back the originals and keep the copies for their record purposes. Give them your personal contact numbers to approach you, since general work numbers can make it difficult for them to communicate any issues with documentation that you can easily fix before they proceed.
As long as you are truly capable of paying back the loan amount you have requested and you have strong assets to prove your financial capability, refinancing your housing loan or getting your home loan approved should not be a problem. By ensuring that you have submitted all the needed documents and provided ways to communicate easily with you, you will be able to get your loan approved fast without much hassle.