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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    charlane
    charlane
    6 February 2023
    Stephen is very professional and trustworthy agent, he's very responsive and treat all customers with respect. He has put in a lot of effort in making sure my transaction is handled properly, on time and on top of priority. I have already recommended him to my friends that's interested in buying property. Thanks Stephen.
    Elwin840808 Elwin
    Elwin840808 Elwin
    16 January 2023
    Stephen really a good agent. I was new to home selling and have heard many about terrible agents. Stephen was professional and he never made me felt uncomfortable. He is professional, experienced and helpful agent. Highly recommend.
    Marchelina Vincensia
    Marchelina Vincensia
    17 August 2022
    I’ve met so many property agents in my life but Stephen is really a rare find. If you are looking for someone unconventional, who gives advice based on data and answer all your easy and hard questions tirelessly, then I couldn’t recommend Stephen more. A very hardworking, humble and strategic agent, highly recommend!
    Sei Chia Lau
    Sei Chia Lau
    4 August 2022
    Stephen is efficient, responsive and informative. He is able to give us useful advise and guide us patiently. Overall, his service is great👍
    Stanley Tan
    Stanley Tan
    26 June 2022
    Stephen is experienced, analytical and views properties comprehensively. This is evident right from the beginning when we chanced upon his informative YouTube videos. He provided us invaluable advice throughout the process of our property purchase. His calm, humble and polite nature made him an approachable professional to discuss the many questions we had. He was patient with his technical explanations as well as his insightful suggestions. He placed our interests first, in the buyers' shoes, gave us space to consider and has never rushed us to make decisions without proper considerations. His attentiveness goes a long way. Stephen carefully planned out the timeline for us and gave us reminders to complete the various items ahead of the deadlines to avoid unwanted hiccups. It was entirely a worry-free process. Stephen even gone the extra mile to meet us at the law firm to show us the way and be in person with us to sign the S&P. He made our property purchase a great buy and an enjoyable experience. Thank you, Stephen.
    Leo Lim
    Leo Lim
    21 March 2022
    I would like to send a note of commendation to Stephen Chong for his dedication, professionalism, diligence and patience in handling of property transaction. I would absolutely recommend Stephen Chong to buyers and sellers who are considering to buy or sell their homes.
    Lim Ming Hwee
    Lim Ming Hwee
    26 February 2022
    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
    24 December 2021
    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!👍🏼👍🏼👍🏼
    SZ Lim
    SZ Lim
    20 July 2021
    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.
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