When applying for a home loan in Singapore, borrowers are often surprised when banks ask not only for their payslips, CPF contribution history, and Notice of Assessment (NOA), but also for 3 months of bank statements showing salary crediting.
If you’re wondering why this is necessary, you’re not alone. The request may seem repetitive — after all, the payslip already shows your income, right? But banks request this additional documentation for several important reasons.
In this guide, we explain why banks insist on reviewing your bank salary crediting history and how it affects your home loan approval.
Banks Want to Ensure You Can Borrow Prudently
Banks have a responsibility to lend responsibly and assess whether borrowers can repay their monthly mortgage instalments sustainably and consistently.
Reviewing your salary crediting:
- Confirms your actual take-home pay
- Shows consistency of employment
- Helps assess whether the loan is within your financial means
It’s not just about how much you earn — it’s about stability and reliability.
If You’ve Just Started a New Job, Banks Will Be Extra Cautious
A common scenario is when a buyer has recently:
- Switched jobs
- Started a new role
- Joined a new industry
- Moved from contract to full-time, or vice versa
In such situations, banks want to verify that:
- Your new employment is legitimate
- Your income is truly recurring
- The job is stable and not a temporary arrangement
- You can sustain regular monthly instalments for the long term
This is why banks assess your recent salary crediting carefully.
Even with a valid payslip, banks want to see actual consistent income flow into your account.
Why Banks Need 3 Months of Bank Statements
Payslips can be printed, adjusted, or issued from temporary arrangements.
Bank statements, on the other hand, show real, verifiable income deposits.
By reviewing 3 months of salary crediting, banks can confirm:
- Your salary is truly being paid
- The employer name matches the payslip
- The salary amount matches what you’ve declared
- Income is timely and regular
- You aren’t relying on temporary allowances or irregular payouts
This helps prevent fraudulent submissions and protects both the bank and the borrower from taking on loans beyond their means.
Additional Documents Banks May Request
Especially for borrowers who are new to a job or on contract terms, banks may ask for additional supporting documents, including:
✔ Letter of Employment
This confirms:
- Your job title
- Salary package
- Employment type
- Start date
- Contract duration (if applicable)
✔ Staff Pass or Name Card
This serves as proof that:
- You are officially employed
- Your employment relationship exists
- Your company is genuine
✔ CPF Contribution History
CPF contributions help verify:
- Employment stability
- Regularity of income
- Historical earning patterns
✔ Latest Notice of Assessment (NOA)
Used to cross-check:
- Yearly income
- Tax-declared earnings
- Stability over the past year
Banks use all these documents to build a holistic picture of your financial reliability.
Why Banks Are Extra Thorough For New Employees
If you’ve been in your job for less than:
- 3 months (for some banks), or
- 6 months (for stricter banks)
…they may:
- Request even more paperwork
- Conduct deeper verification
- Offer a lower loan amount
- Delay approval until more income history is available
This is because new employment carries higher perceived risk, especially if:
- You’re on probation
- Your job is contractual
- The company is new or unlisted
- There is no long income history to reference
Salary crediting statements help banks minimise this risk.
What Home Buyers Should Prepare in Advance
If you plan to apply for a home loan soon, prepare the following:
✔ Last 3 months’ payslips
✔ Last 3 months’ salary crediting bank statements
✔ Last 12 months’ CPF contribution history
✔ Latest Notice of Assessment (NOA)
✔ Letter of Employment (if newly hired)
✔ Staff pass or name card
Having these documents ready ensures:
- Faster approval
- Smoother processing
- Higher confidence from the bank’s credit team
This preparation is especially important for home buyers transitioning jobs or planning a property upgrade.
Salary Crediting Statements Give Banks Confidence in Your Home Loan Application
Banks don’t request additional documents to make your life difficult. They do it to:
- Validate your income
- Confirm employment stability
- Assess your repayment ability
- Protect both you and the institution
Ultimately, the goal is simple:
To ensure you take a loan you can safely manage for the long term.
Want more tips on preparing for your home purchase or upgrade?
I’m here to guide you through the process.
📞 Contact me, Libin from Instyle Homes, for personalised, non-obligatory advice today. 😊
If you’d like more articles on employment checks, income verification, or property financing, just let me know — I can continue generating them!
