5 things you probably didn’t know about your property agent

By EdgeProp Singapore / EdgeProp | January 25, 2018 3:45 PM SGT
Buying a home in Singapore is a tedious process that requires careful research and consideration. While Singaporeans are becoming increasingly tech savvy when it comes to buying and selling properties, it still pays to seek professional advice. This is especially if you’re buying property for the first time and seeing that a home could probably be the biggest purchase of your lifetime!
For a start, an experienced and competent property agent will be able to provide information on the real estate market and the neighbourhood in which you’re buying. They’ll also be able to take you through complicated paperwork and processes, and help you find the home loan package with the best rates and benefits.
A property agent is basically a middleman who is paid a commission to find the right match between buyers and sellers, but you’ll be surprised by how many people are only vaguely aware of what they really do.
Believe it or not, is not uncommon for property agents to be mistaken for financial advisors, moneylenders and even BFFs you can call anytime. For their benefit (and yours), we’ve compiled a list of things your property agent wish you knew (and you should really stop harassing them about).
1) They can’t approve your loans
This misconception occurs more often that you might think. Property agents have no affiliation to banks and cannot approve your loan. It is on the bank’s loan officer who determines whether or not you qualify for a loan.
In general, your housing loan instalments and other long-term debts such as car loans or other hire-purchase commitments should not exceed 60% of your gross monthly income. As a guide, here’s the salary you need to be earning in order to buy a two-bedroom condo in the prime districts, the city fringes and the suburbs. So, if your loan doesn’t get approved by the bank, it’s not your agent’s fault.
However, your property agent’s job scope does include providing professional advice on your eligibility to buy, sell or rent property. They can also advise you on areas pertaining to guidelines and restrictions for home...