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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