How much BANK LOAN can I get? (Home Loan Part 1)


Published on 27 Dec 2019

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When it comes to property purchase, what is your very first step?

It is not about which location do you prefer and also not about how big the house you want.

(Because if you can’t afford the location and the size that you want, you can never own your desired house)

But the very first step is to check your finance capability. Such as how much Cash and CPF do you have.

And how much you can borrow from the bank. From there, then you can determine the property you can afford.

Bank Loan affected by TDSR 2013

In 2013, MAS introduced TDSR and MSR. TDSR means your total monthly installment cannot be more than 60% of your monthly income, including your home loan, car loan, study loan, etc.

Whereas MSR cap your monthly home mortgage at 30% of your monthly income.

TDSR impose on private property purchase whereas MSR imposed on EC and HDB purchase.

3 important components to determine how much loan can you get:

  • Your Age
  • Your Income
  • Property Type

For example, if you are 30 years old and an employee with a monthly salary at $5,000, and you are buying a condo.

You can loan approximately up to $668k or 75% of the property value/price whichever is lower.

But with the same situation, if you buy a HDB flat, your loan amount reduced to around $300k only.

Find out How Much Bank Loan you can get?

If you wish to find out how much is your estimated loan amount, you can contact me for more details.

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    How much BANK LOAN can I get? (Home Loan Part 1)
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    Stephen Chong
    Stephen Chong
    Lim Ming Hwee
    Lim Ming Hwee
    2022-02-26
    Stephen is a very good agent who goes beyond his way to ensure that his clients are happy. He is very patient and helpful, and will always give good advice.
    Joseph Sze
    Joseph Sze
    2021-12-24
    Stephen is a professional & responsible person who has provided good quality customer services to our recent Condo housing purchase & related matters. I found he has put in great efforts and gone for extre miles to assist us in the whole process and related purchase issues. Excellent work, Stephen!πŸ‘πŸΌπŸ‘πŸΌπŸ‘πŸΌ
    SZ Lim
    SZ Lim
    2021-07-20
    Was going thru Stephen's video when I noticed he had a google review panel up. Going to copy paste my review on his FB page from 2019. I still stand by my review. Stephen was very professional throughout our engagement process. I first engaged Stephen as his effort could be seen thru the videos he made. The videos were informative, detailed, yet easy to understand from a beginners point of view. Could also see the improvement of his videos as time passes, and that speaks volumes about one's character on his eagerness to improve and share. During my engagement with him, Stephen was very professional. Since I was very new in the scene, I required alot of guidance and honesty. Stephen was very upfront with me on many items and did not try to hide any facts from me. As a first time buyer, both good and bad prospects were laid out after his detailed analysis on my current financial condition and also on the projects we went to see. Comparing to other agents who will just blab anything that benefits their sales point, Stephen was straightforward and truthful on the issue. I have met quite a few agents but would highly recommend Stephen to people who are looking for properties, be it looking for a place to stay, or looking for a property to invest.
    YingYu Tan
    YingYu Tan
    2021-07-11
    Stephen handled both my HDB sale and new condo purchase. The whole process was fuss-free and smooth. What impressed me was his willingness to go the extra mile for his client, from analyzing every detail and being there for me and my wife every step of the selling/buying process.
    ι™³θ‹₯芸
    ι™³θ‹₯芸
    2021-07-04
    Cannot believers Mr Stephen posting my rental unit less than 10 mins ? Yes, can't believed it ? but please believed it. 1st day open ..more then 8 enquiry. Mr Stephen was very professional, patient and knowledgeable, he shares all the information i needed, excellent service πŸ’ͺπŸ’ͺ Rent out my unit within 2 days highly recommended ..BINGO
    Jade Bai
    Jade Bai
    2021-06-30
    We came across Stephen YouTube video and appreciated the tips he is providing. We decided to engage Stephen when we were house hunting. Most people may feel that you can DIY resale hdb buying process. Personally we feel its money well spent engaging Stephen. The whole buying process is swift. Stephen is very prompt in his reply. He did alot of detailed analysis and recommend us the units we can explore. He is very detailed anf meticulous. This process saved alot of time. He also gave us helpful advice on the units we viewed. No hard selling or rush you into hasty decisions 😊
    Adrian Tay
    Adrian Tay
    2021-06-30
    Knowledgeable and professional, Stephen is not the typical agent you will meet. Ever so patient, he will help provide his genuine feedback and never pushy unlike most sales agents. Fortunate to have Stephen walk with me in my property investment journey. Will recommend Stephen to anyone who is looking for a trustworthy agent to walk the mile with.
    michael tan
    michael tan
    2021-06-29
    Very patient and give good advise. I bought ec under him and he sold my hdb.
    CY Goh
    CY Goh
    2021-06-05
    I believe every property investors or home buyers have encounters with numerous property agents. However, how many of you ever met someone with passion and enthusiasm to sit down and analyze each property based on your criteria (budget, requirements like location, size, etc)? Having watched Stephen's videos in YouTube, decided to ping him and the rest is unspoken of. Not only did he helped to narrow down our search, he also analyzed which project has higher prospect and which unit (level, facing, etc) fits our living habits. No complaints, except for not knowing Stephen earlier. Good job Stephen, thank you.
    Esther Cheh
    Esther Cheh
    2021-04-30
    Stephen was the agent assisting us in the purchase of our condo and now to market them for rental. He is extremely helpful, open, transparent and reliable throughout the entire time. He went above and beyond to help us set things up while we are not in Singapore.He is also very professional and knowledgeable about the property market in general. I am confident to leave our condo in his care to find us a good tenant and to manage them in future.
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