Approval in Principle (AIP) is a formal confirmation and agreement with a bank that the bank is ready to approve your home loan up to a certain amount.
Based on your credit history, financial health, and current income, the bank decides if it can approve a home loan for you and for how much amount.
AIP is almost a guarantee that you will get your home loan when you need it. However there’s a time limit. Usually, the duration of AIP in Singapore can last between 30 and 90 days during which you can apply for a home loan formally.
By working with us, you will save time by viewing only properties within your budget, and will also get the confidence to commit immediately when you have found your dream property. We have heard so manys stories of clients losing their initial deposit because they are unable to obtain loan approval.
Not all banks encourage In Principle Approval as there are upfront costs in determining the credit profile of a customer, and also involves additional work for the bankers. But Home Loan Whiz helps you overcome this.
Home Loan Whiz works with 16 banks in Singapore. Over time, we have built up great relationships with bankers who are friendly, reliable and efficient. We are also very well informed on the latest mortgage rates and credit procedures for each bank, enabling us to make better recommendations to you.