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Vacant Possession Now that both Mr & Mrs Tan and Mr Chan have signed the Sales & Purchase Agreement, they've to wait for the loan to be disbursed. Once the loan has been disbursed then only the purchasers can take vacant possession (VP) of the property. The standard "waiting period" is 3 months. The bank will disburse the balance of the purchase price to the vendor - Mr Chan. In this case,...

Required Documents for Home Loans The loan purchaser is divided into 2 categories: Employer (Er) and Employee (Ee). Then the Ee is further sub-divided into salaried employee and commission earner. Cash purchaserLoan purchaser or Mortgagor Employer Employee Salaried employee Commission earner For loan purchasers, the standard documents that banks generally require are: Copy of purchaser's...