You must be a Singaporean citizen or permanent resident
So you’re interested in applying for a maid loan? That’s great. To be eligible, you must be a Singaporean citizen or permanent resident. You’ll also need to provide proof of income, as well as a copy of your NRIC or passport.
Lastly, you’ll need a valid bank account to receive your loan payments. If you meet all these requirements, then you’re good to go. You can now successfully apply for a maid loan, and in this article, we look forward to helping you get the financial assistance you need to hire the help you deserve.
You need to be at least 21 years old
You must be 21 years old to apply for a maid loan in Singapore. This is because the government wants to ensure you’re responsible enough to handle this type of loan.
In addition, you’ll need to provide proof of employment, as well as proof of your income and expenses.
-This information will determine your eligibility for a maid loan. So if you’re ready to take the next step and get a maid loan, make sure you meet the eligibility requirements and submit your application today.
You must have a minimum income of S$30,000 per annum.
To qualify for a maid loan in Singapore, you must earn a minimum of S$30,000 per annum.
-This is to ensure that you can afford the monthly installments for the loan. In addition, you must be a Singaporean citizen or permanent resident and be at least 21 years old.
The loan amount that you’re eligible for will also depend on your income and credit history. So if you’re keen to get a maid loan to help with the cost of hiring a domestic helper, make sure you meet the eligibility criteria first before applying or even hiring a maid to save yourself from financial strain.
You can even use the funds to hire a foreign domestic worker (FDW)
You can use the funds from a maid loan to hire a foreign domestic worker (FDW). To be eligible for a maid loan, you must be A Singaporean citizen or permanent resident at least 21 years old and earn an annual salary of at least S$30,000. Your monthly PD payments (if any) do not exceed 30% of your monthly salary in any case.
Conclusion
You can get a maid loan in Singapore if you meet the abovementioned requirements. But it is advisable for you to do more research on the matter as the article may miss valuable information and wouldn’t be able to give you a clear outline of all of the requirements.
So apart from being a Singaporean citizen or permanent resident who is at least 21 years old and has a monthly income of at least $2,500 with a clean credit history, you might consider other factors.
So dont just sit there with your head down, stressed about getting a maid. Apply for a maid loan today.