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Get your AIP / IPA HOME LOAN WITHIN 1 DAY

An Approval in Principle / In Principle Approval for your home loan is a crucial step in your property purchase process.

Our mortgage consultants conducts a preliminary evaluation to calculate the Total Debt Servicing Ratio (TDSR) and Mortgage Servicing Ratio (MSR) for your loan amount with advice on how to get approval for your IPA across all major banks in Singapore.

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    HOW DO I APPLY FOR AN AIP HOUSING LOAN?

    Contact a DollarBack Mortgage Consultant who will perform an indicative analysis for you within an hour. Subsequently, your desired bank will be shortlisted and a quick guide for the documents required will be emailed over. Once the documents are ready, a mortgage banker will be assigned on the same day to process your AIP application.

    HOW LONG DOES AN AIP APPROVAL TAKE?

    For any urgent applications, an AIP can be approved within the same day assuming healthy credit history. The normal processing time is usually 1 working day

    ARE THERE FEES FOR AN AIP APPLICATION?

    There are no fees applicable to the bank or DollarBack Mortgage for any AIP applications.

    WHAT HAPPENS AFTER AN AIP APPROVAL?

    An email from the bank will be provided indicating your eligible loan amount, loan tenure and the highest purchase price of the property according to your loan amount. You can then start shopping around for your dream home with a peace of mind.

    Learn specific insights on how to maximise your loan amount for your desired property purchase. Enjoy a hassle free process with professional guidance and direct applications with experienced bankers.

    Common Questions When getting a IPA Home Loan

    What is an AIP housing loan?

    What is an AIP housing loan? AIP or Approval In Principle is an indicative home loan approval provided by a bank. As it is indicative, it does not represent a formal offer from a bank for your home loan. Every potential homeowner should start your property purchase process with an AIP application. This will give you an estimate of your eligibility and help you define your budget for a new property purchase.

    What is the validity period of an approved AIP application?

    An approved AIP has a validity period of up to 30 days. During this validity period, if your Option To Purchase is submitted to the bank, it will provide an official letter of offer for your home loan assuming there are no changes to your income or debt obligations (best not to apply for any credit cards, car loans or any type of loans during this 30 days). After the validity period expires, a new AIP application will need to be submitted.

    What if I do not have an AIP for a home loan?

    The most important risk is that you stand to lose your Option Fee (which is usually 1% to 5% of your property purchase price) if you are unable to secure the required loan amount required for your property purchase. Also, without an AIP, you might not get the best service from a property agent as they might question your ability to afford your desired property.

    Can I submit an AIP application to various banks?

    Yes, you can. But do note that every AIP application results in your credit report being generated by the bank. Having your credit report generated multiple times by different banks can negatively impact your credit rating and some banks might take that into consideration during your home loan application process which results in the possibility of a lower loan amount. Ensuring that you have a good credit score for a home loan application is crucial therefore, try to refrain from sending applications to multiple banks.

    Are home loan interest rates lower with a secured AIP and an OTP (Option To Purchase)?

    Yes, banks offer promotional home loan packages relatively frequently. Find out the current lowest home loan rates for a New HDB or Private Property purchase.