6 Tips to Get Your First Home Financing Approved

Applying for a home financing without a proper planning and preparation might result in your application being rejected. Find out how you can avoid that and increase your approval rate instead!

Thinking of starting a family and buying your very first home? It can be a daunting prospect, with the down payment and the high legal costs - let alone preparing for the long and complicated home financing application process.

But with early and careful preparatory measures, owning your dream home doesn’t have to be difficult. Here are the 6 tips you should follow to help get your very first home financing approved:

We hope you found these tips helpful to help you secure your first home financing. If you’re still searching for the perfect home financing to help you achieve your dream home, have a look at what BSN MyHome/i Youth Housing Scheme has to offer!

It’s the solution to all first-time home buyers as it offers up to 100% home financing! Here are some interesting things you should know about the BSN MyHome/i Youth Housing Scheme:


Agree or disagree with this post? Questions? You also have your word!

  • April

    No 7, wait until you are older, because no matter how good your credit scores are, or being debt free and with stable income, or how much cash you've saved for the down payment and legal fees, banks still refuse to receive your application (yes, no forms handed in) directly quoting the reason you are too young to own a house. I was like who are you to decide how old one can own a house?

    • RinggitPlus

      Hi April,

      You're right about age being a possible factor in the bank determining whether or not you're suited for the loan.
      They might think you're not yet capable of servicing the loan comfortably with your current income, for example. Each bank also gets to use their own discretion when screening applicant and might have their own internal criteria they stick to.
      Thanks for your comment!

    • CHIN

      Each bank calculate their Debt Service Ration (DSR) differently. The ratio between 70%-90% from different bank. Yet, many banks usually tide with their MRTA with your housing loan which I find not necessary. Be a smart borrower by comparing the banks' BR rates and loan packages.

      • RinggitPlus

        That's really solid advice! Thanks for your thoughts, CHIN

      • Will

        How can check credit score?

      • hanees

        i got no loan at all. no credit card and any loan . Totally zero .Is it will affect my loan application and also interest rate offer by bank ?