A while ago, actually in 2006 I posted a thread here asking non how to apply for a car loan and thanks to the people here I manage to get a car loan. Right now I'm planning to get a housing loan and it's the same thing. I'm still working as a freelancer. I don't have a payslip so what I plan to do is to register as a sole proprietor and I have been paying my income tax for the past few years. Is it sufficient enough?

Thanks in advance

As long as you've been paying taxes, it shows you do have income source hence a loan should be obtainable unless you're blacklisted or something. The loan amount however is subject to your current income level.

So just with my income tax is enough to get a housing loan?

BlueSilver,

You may need to also show your bank statement etc to show current income flow. Any other documents depends on the bank you're going apply for loan.

yes, steady income tax payment and maybe your credit rating.

if you have existing fixed deposit in the banks or unit trust investments, it might help

No i don't have any unit trust investment or fixed deposits. Will it help if I apply from the same bank where i applied for my car loan? At least it is to show them that I do pay my car loan every month right?

That's good as well but even if you apply with other banks (due to better rate etc) they can retrieve your credit scores using BNM systems like CCRIS etc.

Oh i see. Seeing that an income for a freelancer is not fixed, how will they determine on what is the loan amount that i can borrow?

This post has been edited by BlueSilver: Mar 11 2010, 11:55 AM

I'd say they'd go by your latest 6 month average income.

ah i see, thanks for all the information people

Hi Bluesilver, I'm Eric, Mortgage Advisor from One Vision Mortage, we provide mortgage package from all banks, so may i help u to get ur housing loan？

hi eric, thanks for the offer. I will beep you when i need it. Thanks a lot.

Hi BlueSilver,

PM'ed you already.

Hope to hear from you soon.

Regards,

so much competition in this forum for mortgage packages..

Competitions is good for the customer right? =)

But I would say its better to go with those with the widest range of packages. That way you know you're getting a wide range of competitive offers to choose from.

Regards,

i can service you for the housing loan if you want. pm-ed you hope to see your reply.