No payslip, want to get a house loan

One of the most important documents that home loan applicants must prepare and submit to the bank for consideration is a payslip. This document demonstrates the applicant's income, which the bank uses to determine whether the applicant can afford the repayments and determine whether or not the loan will be approved. However, not everyone in every profession has a payslip. For example, merchants, freelancers, and businesspeople, for example, do not have a fixed salary that can be used as proof of income. This raises concerns about whether it's possible to obtain a home loan without a payslip. The answer is that you can obtain a home loan without a payslip, but you must prepare the following documents:

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1. Documents proving all sources of income

A payslip is a document that shows the borrower's income and whether it is a regular monthly income. Therefore, even without a payslip, you can still provide other financial documents to the bank to demonstrate the amount and consistency of your income, ensuring the bank's confidence. Financial documents that are essential for those without a payslip but wanting to apply for a home loan include copies of bank statements for the past 6-12 months and, if you're a freelancer, employment contracts. A copy of the company registration (if a business is a business), a photo of your shop or business, and proof of personal income tax, etc. Always remember that the more you can demonstrate to the bank how much income you have, how consistent your savings are, and how stable and established your job is, the better your chances of getting a home loan approved, even without a payslip.

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2. Documents Regarding Personal Information

In addition to financial documents, personal documents are essential to help the bank verify your identity. You can also increase your chances of getting a home loan approved by having a co-borrower. If you have a co-borrower, you must submit both their financial and personal documents to the bank. Examples of personal documents you need to prepare for a home loan application include a national ID card, government official ID card, or state enterprise ID card, a copy of your marriage certificate, a copy of your spouse's national ID card (if applicable), and a copy of your name change certificate (if applicable).

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3. Additional Documents

In addition to financial and personal documents, borrowers can also submit additional collateral documents to increase their chances of loan approval, such as a copy of the land title deed and proof of building ownership. Savings accounts, stock savings accounts, etc., or other evidence demonstrating assets that can be used as collateral for the bank, provide greater confidence in your ability to repay and repay debt.

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Although having a payslip can make it easier to get a home loan approved because it demonstrates financial stability and a stable job with a steady income, this does not mean that those without a payslip cannot get a home loan approved. Simply showing the bank evidence of your income, assets, and ability to repay debts will give you a better chance of getting a home loan approved without any worries. However, in addition to demonstrating your income, another factor that can significantly influence whether a loan is approved is the borrower's debt status. Regardless of whether you have a payslip or not, if your debt exceeds the bank's criteria, your home loan application is highly likely to be rejected.

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Thank you for the great information from REIC.