The gig economy is growing, and even the Ministry of Manpower (MOM) has now acknowledged the challenges faced by freelancers in Singapore (read the speech here). Aside from the insecurity that comes with not having a fixed monthly salary, many self-employed individuals often find their applications for personal loans rejected.
If you’re a freelancer and looking to build your own home, here’s how you can improve your chances of getting approved for a home loan.
The good news is, there are many banks in Singapore that provide self-employed individuals with home loans.
Today, about 14% of the Singapore workforce is self-employed, and the number of freelancers is steadily growing, currently standing at 200,000. In fact, MOM expects more people to take to self-employment with the existent shift in employment interests among Singaporeans.
So what makes you eligible for a home loan if you are self employed? Is it …