You’ve spent the last few months talking to three different banks, and each time your hopes have sunk further. As you pick up today’s mail, you realise it’s probably your last chance of securing a home loan, before you lose out on that sweet new property you’ve had your eye on.

But the letter crushes you from the very first line: “We regret to inform you that…” and there’s no need to even read the rest.

The question running through your head is probably why? 

You and your spouse have a great credit score, good incomes, and even an HDB flat you’re prepared to sell. What bizarre formula decides you don’t earn enough?

Chances are, the issue lies in one of these:

Minimum income requirementsEligible income sources Mortgage Servicing Ratio (for HDB properties)Total Debt Servicing Ratio (TDSR)

1. Minimum income requirements

Most lenders require a minimum income of $24,000 per annum,