What does IPA mean?

In the context of Singapore property, IPA stands for In-Principle Approval. It is a non-binding, indicative approval from a bank stating how much they are willing to lend you for a home loan, based on your financial situation and credit assessment. An IPA helps you understand your loan eligibility and borrowing capacity before committing to a property purchase. This allows you to set a clear budget and prevents you from paying fees or making offers on homes that you may not be able to afford. Obtaining an IPA also signals to sellers and property agents that you are a serious and financially qualified buyer.