Introduction
A domestic helper loan is a good way to help you get the extra funds you need to pay for your domestic helper.
Documents are important when applying for a domestic helper loan. These documents will be used by the lender to check your creditworthiness and assess whether you can afford to pay back the loan.
If you do not have any of these documents, then you will not be able to get a loan.
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Your identification card or passport
You must show proof that you are a citizen or resident of Singapore. You can do so by providing your IC.
You will also need to submit an original photocopy of your passport with a current valid visa.
If you are a Singaporean, your passport must be valid for at least 3 months after the loan expiry if you are issued a social visit pass.
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Proof of income.
This is one of the most important things you need when applying for a domestic helper loan. You will need to provide your employer’s pay slip and other supporting documents showing how much you earn per month.
If possible, get a letter from your employer saying that he or she will be willing to pay back the debt should something happen to you while working abroad as a domestic helper.
This letter will be very useful if there are any issues with the bank regarding repaying their loans in case something bad happens while working abroad as a domestic helper.
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Bank Statement.
Your bank statement should show that you can meet the monthly payments of your domestic helper loan. It should also show that your account is active and accessible at all times.
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Proof of residence
This can be in the form of any document with your address, like an electricity bill or water bill.
It can also be a house rental agreement or a certificate from the Homeowners Association if you own property and are renting, include a copy of your lease agreement.
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Valid Employment Pass (EP) / work permit (WP)/ dependent pass (DP).
Singaporean employers must also provide their Employment Pass, S-Pass or Work Permit (WP).
Foreign employers must also provide their employment pass or spouse’s Employment Pass (EP) for her to qualify for an HDB loan.
Conclusion
When deciding what documents you need for any loan, it is important to consult the guidelines set by the bank and ask the loan officer to be sure.
You can apply for a Domestic Helper Loan in Singapore with all these documents.