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juxt-a-pose
Joined: 05 Oct 2008
Posts: 5
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 Posted: Sun Oct 05, 2008 7:45 pm Post subject: Tenancy agreement as proof of income? |
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Helo all forummersss..happy eid !!
I've got a question:
When we use a tenancy agreement as a supporting document (proof of income) to apply for loan , does the remaining lease period matter?For example what if the tenancy will be expiring in a month time. and i use it to support my application for a bank loan for my next property??
Thanks alot for any reply, maybe a banker may help!!!thanks!!  |
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yykalex
Joined: 14 Mar 2008
Posts: 149
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| Posted: Mon Oct 06, 2008 11:02 am Post subject: Re: Tenancy agreement as proof of income? |
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| juxt-a-pose wrote: | Helo all forummersss..happy eid !!
I've got a question:
When we use a tenancy agreement as a supporting document (proof of income) to apply for loan , does the remaining lease period matter?For example what if the tenancy will be expiring in a month time. and i use it to support my application for a bank loan for my next property??
Thanks alot for any reply, maybe a banker may help!!!thanks!! |
Yes you can.
Provided the tenancy agreement is stamped, attached with rental receipt issued or bank statement showing rental credited into account.
I am working in HSBC and have done a few cases of it.
Regard,
Alex
012-9566675 |
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juxt-a-pose
Joined: 05 Oct 2008
Posts: 5
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| Posted: Mon Oct 06, 2008 11:32 am Post subject: |
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thanks alex for you swift reply!!!!!
but does it matter if the tenancy will be expiring soon?Just wondering.... |
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ed0gawa
Joined: 18 Jun 2008
Posts: 33
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| Posted: Mon Oct 06, 2008 9:00 pm Post subject: |
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| juxt-a-pose wrote: | thanks alex for you swift reply!!!!!
but does it matter if the tenancy will be expiring soon?Just wondering.... |
Ofcos...
If it is expiring next month, it would means that your tenant ain't bound by any agreement anymore right? Which means they can move out anything which means you'll lose that income of you anytime.
But, how much it is gonna affect the loan, for that i wouldn't know for sure, another point would be, how much effort are the marketing officer willing to help you in fighting for your case to be approved  |
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derrickc
Joined: 04 Sep 2008
Posts: 52
Location: PJ
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| Posted: Mon Oct 06, 2008 10:20 pm Post subject: |
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hi,
for this issue. i do come across one recently . it still can prove in our bank through your bank statement. hai.... you know lah... china man style... stamping is exposure of their income to income tax. so they just stamping once but later after the tenant still go on with the deal without continue the contract... good thing .. you skip income tax, bad thing tenant lari.. you cant do anything as no contract tie on your activity.
regards
derrick
public bank |
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juxt-a-pose
Joined: 05 Oct 2008
Posts: 5
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| Posted: Mon Oct 06, 2008 10:41 pm Post subject: |
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| ed0gawa wrote: | | juxt-a-pose wrote: | thanks alex for you swift reply!!!!!
but does it matter if the tenancy will be expiring soon?Just wondering.... |
Ofcos...
If it is expiring next month, it would means that your tenant ain't bound by any agreement anymore right? Which means they can move out anything which means you'll lose that income of you anytime.
But, how much it is gonna affect the loan, for that i wouldn't know for sure, another point would be, how much effort are the marketing officer willing to help you in fighting for your case to be approved |
yeah, i was wondering too what extend the REMAINING LENGTH of the  tenancy will affect the loan...say i haf 6mths left, is it good enough to supplement as an income for loan application...sigh...beats me...haf to talk the right people laaa.. |
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youbetcha1018
Joined: 12 Sep 2008
Posts: 54
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| Posted: Tue Oct 07, 2008 12:03 am Post subject: Re: Tenancy agreement as proof of income? |
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| yykalex wrote: | | juxt-a-pose wrote: | Helo all forummersss..happy eid !!
I've got a question:
When we use a tenancy agreement as a supporting document (proof of income) to apply for loan , does the remaining lease period matter?For example what if the tenancy will be expiring in a month time. and i use it to support my application for a bank loan for my next property??
Thanks alot for any reply, maybe a banker may help!!!thanks!! |
Yes you can.
Provided the tenancy agreement is stamped, attached with rental receipt issued or bank statement showing rental credited into account.
I am working in HSBC and have done a few cases of it.
Regard,
Alex
012-9566675 |
This is helpful. Btw, this post is very interesting, I mean I want to know what other options or help can some people provide in this kind of situation.
_________________
Miami Real Estate |
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yykalex
Joined: 14 Mar 2008
Posts: 149
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| Posted: Tue Oct 07, 2008 10:56 am Post subject: |
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| juxt-a-pose wrote: | thanks alex for you swift reply!!!!!
but does it matter if the tenancy will be expiring soon?Just wondering.... |
As long as your tenancy agreement is stamped & still valid, it doesn't matter. But don't provide expired one la. |
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ed0gawa
Joined: 18 Jun 2008
Posts: 33
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| Posted: Wed Oct 08, 2008 6:13 pm Post subject: |
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| juxt-a-pose wrote: | | ed0gawa wrote: | | juxt-a-pose wrote: | thanks alex for you swift reply!!!!!
but does it matter if the tenancy will be expiring soon?Just wondering.... |
Ofcos...
If it is expiring next month, it would means that your tenant ain't bound by any agreement anymore right? Which means they can move out anything which means you'll lose that income of you anytime.
But, how much it is gonna affect the loan, for that i wouldn't know for sure, another point would be, how much effort are the marketing officer willing to help you in fighting for your case to be approved |
yeah, i was wondering too what extend the REMAINING LENGTH of the tenancy will affect the loan...say i haf 6mths left, is it good enough to supplement as an income for loan application...sigh...beats me...haf to talk the right people laaa.. |
You see...
no point scratching your head over this issue, just proceed with the loan application, let the marketing officer be the one that do the explanation or appeal. It is their job (mine too).
As long as it is still valid like what alex mentioned. If your other documents and profile are 'ok', the bank won't really bother with your tenancy expiry.
And 1 more point, if that property is at prime location, it is a good ground to say that 'i am not scare of not being able to rent out my place, people are fighting for it'
But then, if it is located at some place where even bird don't passby, then too bad la |
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