Author: Brad Chen
•Sunday, March 08, 2009
Income Guidelines for Credit Assessment

Employed Persons Proof of income
(excluding overtime and shift allowances and transport claims/reimbursements/expenses)

For applicants:-
- Latest 3 months payslips
OR
- Recent letter from employer certifying job designation, commencement date and income for the last 3 months.
AND
- Past 15 months' CPF contribution history
NOTE:
Bonuses will not form part of the assessment and will need to be excluded.
Commission-Based Persons e.g. Sales personnel, insurance agent Proof of income
(excluding overtime and shift allowances and transport claims/reimbursements/expenses)

For applicants:-
- Latest 12 months commission statements/payslips
OR
- Recent letter from employer certifying job designation, commencement date and commissions/salaries for the last 12 months.
AND
- Past 15 months' CPF contribution history

NOTE:
Monthly fixed income components (if any) may be included as part of the assessment.


Income / Allowance NOT considered for credit assessment
e.g.
- Alimony allowance (divorced cases)
- Bonuses
- Dividend
- Director fees
- Interest from deposit/savings account
- National Service
- Overtime
- Rental income
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