EC Loan Eligibility Income Ceiling and Requirements: Bank Rate Comparison Guide
The EC income ceiling is $16,000 gross monthly household income for new Executive Condo eligibility, with bank loans limited by MSR (30%) and TDSR (55%). This guide compares rates from DBS, OCBC, UOB, HSBC and more, helping you secure the best EC financing safely via Homejourney.
As a cluster supporting our pillar EC Loan Eligibility Income Ceiling & Requirements: Homejourney Guide, this provides tactical bank rate insights and eligibility steps for Singapore buyers. Homejourney prioritizes your safety with verified tools like our eligibility calculator at https://www.homejourney.sg/bank-rates#calculator.
EC Eligibility Overview: Who Can Buy EC?
EC eligibility requires forming a family nucleus with at least one Singapore Citizen (SC) and another SC or PR, aged 21+ (35+ for joint singles on resale). Singles cannot buy new ECs, but resale is possible after 10 years. Crucially, household gross income must not exceed the EC income ceiling of $16,000 monthly—no private property ownership in the last 30 months, and max one prior subsidized flat (sold after MOP).[1][2][3]
Income includes salaries, commissions, bonuses (excluding CPF). Household means all applicants on your HFE letter from HDB. Common misconception: Variable income counts fully—banks haircut it 20-30% for loans.[1][2]
Verify instantly on Homejourney's platform for transparent, trusted planning. Link to our full pillar for comprehensive EC criteria: EC Loan Eligibility Income Ceiling & Requirements: Homejourney Guide .
Key EC Loan Requirements from Banks
ECs use bank loans only (no HDB financing). Banks like DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank, and Citibank apply MSR 30% (EC instalment cap during 5-year MOP) and TDSR 55% (all debts). LTV up to 75% (min 5% cash down). Loan tenure to age 65-75; stable employment (3 months salaried, 2 years self-employed); clean Credit Bureau Singapore report (utilisation <30%).[1][2][3]
- Employed: 3 months' payslips, 12 months' CPF, latest IRAS NOA.
- Self-employed/Variable: 2 years' NOA, 6-12 months' bank statements, ACRA profile. Expect 20-30% haircut (e.g., $5,000 commission = $3,500-$4,000 recognised).[1][2]
Homejourney's bank-rates page compares packages securely via Singpass—submit one application for offers from all major banks.
EC Loan Eligibility Calculation Examples
Assess borrowing power with MSR/TDSR. Both apply for new ECs.[1][3]
| Household Income | MSR Max (30%) | TDSR Max (55%) |
|---|---|---|
| $12,000 | $3,600 | $6,600 |
| $16,000 | $4,800 | $8,800 |
Example 1: $12,000 income family (under ceiling). MSR allows $3,600 monthly payment (~$900K loan at 3% over 25 years). Add $1,000 car loan? TDSR drops to $5,600 total (~$750K EC loan).[1]
Example 2: Self-employed $15,000 ($10K fixed + $5K variable). Bank recognises $13,000 after 20% haircut. MSR: $3,900.[2]
Calculate your scenario with Homejourney's free tool—no obligations, full transparency.
Current Bank Rate Comparison for EC Loans
Rates tie to SORA (Singapore Overnight Rate Average), the key benchmark since 2020 (replacing SOR/FIXED). Fixed packages (1-3 years) start ~3.5-4.2%; floating 3M SORA +0.7-1.2% (~3.8-4.5% effective).[1] Homejourney aggregates from partners:
| Bank | 1-Year Fixed | 3M SORA + Margin | LTV Up to |
|---|---|---|---|
| DBS | 3.8% | SORA + 0.85% | 75% |
| OCBC | 3.9% | SORA + 0.90% | 75% |
| UOB | 3.7% | SORA + 0.80% | 75% |
| HSBC | 4.0% | SORA + 1.00% | 75% |
| Standard Chartered | 3.85% | SORA + 0.95% | 75% |
Rates as of 2026; check live via https://www.homejourney.sg/bank-rates. The chart below shows recent interest rate trends in Singapore:
As seen, SORA has stabilised ~3.0-3.2%, favouring fixed for now. Compare on Homejourney to lock best rates safely.[1]
Disclaimer: Rates fluctuate per MAS guidelines; not financial advice. Consult professionals.[1][2]
How to Improve EC Loan Eligibility & Secure Best Rates
- Reduce debts: Clear cards/loans pre-IPA; target TDSR <40% buffer.
- Boost income proof: Average 24 months for variable; highlight CPF.
- Time ballot: Apply when income <$16K (post-bonus).
- Multi-bank IPA: Use Homejourney—Singpass auto-fills, one form for DBS/OCBC/UOB offers.
- Credit health: <30% utilisation, fix CBS errors.
Insider tip: Upgraders from HDB (e.g., Sengkang) use deferred bridging. Connect Homejourney Mortgage Brokers for personalised EC advice. See boosting tips: .
FAQ: EC Loan Eligibility Income Ceiling and Requirements
1. What is the current EC income ceiling?
$16,000 gross monthly household for new ECs. Exceeding disqualifies purchase.[1][2][3]
2. Does MSR or TDSR apply to EC loans?
Both: MSR 30% first, TDSR 55% total debts. Use Homejourney calculator.[1][3]
3. Can self-employed qualify for EC loans?
Yes, with 2 years' NOA/bank statements; 20-30% variable haircut.[1][2]
4. Which bank has the best EC rates?
Compare live on Homejourney bank-rates—UOB often leads on SORA margins.[1]
5. How to check EC eligibility instantly?
Via Homejourney's tool with Singpass—safe, verified results.[1]
Ready for your EC? Start with bank rates comparison, search properties at https://www.homejourney.sg/search, and link back to our pillar guide for full details. Homejourney ensures trusted, transparent EC journeys.
