| The monthly installment for housing loan or mortgage will depend on the loan amount, loan tenure and loan package. Generally the monthly loan installment should not be more than 33% of the buyer's household income. |
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| A buyer can obtain in-principle approval for a housing loan from a bank before he commits to purchase a property. The credit assessment checks he will be subjected to upon a request for a housing loan are as follows: |
 | Proof of regular income e.g. Income Tax Notice of Assessment. |
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| Credit bureau checks e.g. good payment records for credit cards or previous loans. |
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| To process a housing loan, banks or financial institutions usually require the following documents: |
| Original and duplicate copies of Identity Card or passport. |
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| Income documentation – payslips or bank book/statements for the previous three or six months showing salary entries. For non-regular salaried employee or self-employed – bank book/ statements showing salary/ income entries for the past six months. |
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| Latest income tax assessment. |
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| Option to Purchase. |
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| Sale & Purchase Agreement. |
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| Housing loan application form duly completed and signed. |
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| Other supporting documents may be required in certain cases. |
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| A buyer needs to appoint a lawyer to perform the following functions: |
| Purchase of the property (acting on your behalf) |
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