bank home loan vs taxi driver

decent02 SG

Income tax filing is coming.
I intend to purchase an apartment either a small condo or a resale hdb flat.
As a TD, can I obtain a bank loan?
I may need to declare a higher income to iras.
Any fellow TD here who has bank housing loan can advise.

bowah SG

Apply Mortage loan lah.

Meaning using the house you are going to purchase as mortage

decent02 SG

So TD cannot apply home loan despite declaring higher income aka 7k a month☺
Pay more income tax in order to secure loan.
Bank does not recognise TD income?

The Code SG

I thought this is standard procedure : Why don't you submit your bank statement to HDB to apply for loan if what you claim is true?

Keepthechange666 SG

Aiya, as a self employed, even you declared high high income each year, bank will still look at type of business you are in.......

Taxi 老?.......

Currently, not easy to secure loan from bank, even approve, also must pay very high cash, percentage granted will be very low.......

Unless you still eligible to obtain loan from HDB, or else, stay put lor.......

decent02 SG

This is the answer I searching.
If not come 15 Apr declare 80k then waste my money.
Taxi 老 very looked down upon by bank.
My taxi friend has to declare 70k income just to try securing PR for his foreigner wife.

Taxilim88 SG

It's all about credit risks. TD's incomes are not fixed and vary day to day. They are daily waged.

Many TDs are gamblers, owe credit card money, owe banks money, owe Ah Long money, womanisers and drunkards. So TDs fit the banks profile of somebody who is in the high defaulter risk group. Just like insurance loading on young drivers.

And TDs are not well educated. If they are not driving taxis, they will not be able to find another good job to pay off that loan.

Not every TD, but generally speaking.

bowah SG

“Many TDs are gamblers, owe credit card money, owe banks money, owe Ah Long money, womanisers and drunkards. So TDs fit the banks profile of somebody who is in the high defaulter risk group. Just like insurance loading on young drivers.”

Hmmm…sound familiar.

So, before doing anything silly, remember our brothers at East Coast Park first.

Keepthechange666 SG

Many people, somehow or rather, use up the 2 times subsidies loan directly from HDB very fast, ended up got to get from bank, who to blame lor.......

HDB is for us to stay, not to speculate.......

But if you want to upgrade private, than different ball game liao.......

bowah SG

Tiam tiam go casinos with HDB decal on windscreen, smlj loan also use up one lah, arbo cheng hu open casino for fark, wait for you guys go bank, and locals banks mostly hv govt share one, so if you look at it closely, the good, the bad and the ugly also them.

Think Wise.