IPA or In-Principle Approval is an indication by the bank of the loan amount a prospective purchaser is eligible for. However, an IPA does not constitute as approval of the loan quantum or an offer of any home loan facility by the bank. Home loan facilities are granted at the sole discretion of the bank. A prospective purchaser must still submit a home loan application, and the bank's approval is dependent upon various factors, including but not limited to property valuation. It is advisable to know your IPA amount before committing to a property.
This includes your fixed basic monthly income and fixed monthly allowance (if any) as per your latest income documents. For other income sources such as variable income (i.e. commission), rental income or annual bonus, please provide the details below.
This includes your monthly minimum sum payable for all credit cards and credit lines as per the latest statements. For other loans such as mortgage loan (excluding the subject home loan that you are currently applying to be financed by us, where applicable), car loan or other instalment loans, please provide the details below.
This is to facilitate the pulling of credit bureau data with your consent.