EC Loan Eligibility Income Ceiling & Bank Rates Guide | Homejourney
The EC loan eligibility income ceiling is S$16,000 per month for household income, with key requirements including Singapore citizenship, family nucleus status, and compliance with MSR (30%) and TDSR (55%) limits. This guide breaks down EC eligibility, who can buy EC, and compares bank rates from DBS, OCBC, UOB, and more via Homejourney's trusted tools.
EC Eligibility Overview: Who Qualifies?
EC eligibility targets middle-income Singaporeans upgrading from HDB flats. To buy a new Executive Condo (EC), the main applicant must be a Singapore Citizen, with at least one other family member being a Singapore Citizen or Permanent Resident. All applicants must be at least 21 years old (35 for Joint Singles Scheme), forming a family nucleus under public, fiancé/fiancée, orphan, or joint singles schemes.[1][2]
The critical EC income ceiling caps combined monthly household income at S$16,000. You must not own private property locally or overseas (or disposed within 30 months) and can only buy an EC twice in a lifetime. First-timers get CPF Housing Grants up to $30,000; second-timers pay resale levies.[1][2][5]
Homejourney verifies these rules using official HDB data, ensuring you make safe decisions in Singapore's property market. Check your status instantly on our eligibility calculator.
Key EC Loan Requirements Explained
ECs are financed only through bank loans—no HDB loans—requiring a minimum 25% downpayment (5% cash, 20% CPF/cash). Borrowing is capped by MSR (30%) of gross monthly income for HDB/EC loans and TDSR (55%) including all debt obligations.[2][6]
- Income Assessment: Employed use basic salary + fixed allowances; self-employed average last 12 months; variable income prorated. Household includes spouse and kids.[1]
- Age & Tenure: Loan tenure up to 30 years or age 65 (whichever shorter). LTV up to 75-90% based on profile.
- Credit & Stability: Minimum 3-6 months employment; good credit score (CIBIL equivalent via banks).
- Property Ownership: 5-year MOP on prior HDB/EC; no overseas property sales in 30 months.[1]
Common misconception: Singles under 35 can't buy new ECs alone—only via Joint Singles Scheme at 35+.[3] Homejourney's platform auto-checks these via Singpass for transparency.
EC Loan Calculation Examples with MSR/TDSR
Assume a $1.2M EC (e.g., recent launches like Parc Canberra). For a couple earning $12,000/month:
| Household Income | MSR Limit (30%) | Max Loan (3.5% rate, 25yr) |
|---|---|---|
| S$10,000 | S$3,000 | ~S$650K |
| S$14,000 | S$4,200 | ~S$900K |
| S$16,000 (ceiling) | S$4,800 | ~S$1.03M |
TDSR factors existing loans (e.g., car at S$800/month reduces capacity). Use Homejourney's mortgage calculator for personalized scenarios.[6]
Insider tip: Time applications post-bonus for higher assessed income—many Tengah EC buyers did this successfully.
Current Bank Rates Comparison for EC Loans
As of 2026, EC loans tie to SORA (Singapore Overnight Rate Average), averaging 3.0-3.5% for 2-3 year packages. Homejourney aggregates rates from partners:
| Bank | 2-Year Fixed (p.a.) | Lock-in | Min. Income |
|---|---|---|---|
| DBS | 3.2% | 2 years | S$8K |
| OCBC | 3.15% | 2 years | S$6K |
| UOB | 3.25% | 3 years | S$10K |
| HSBC | 3.1% | 2 years | S$12K |
Compare live rates at Homejourney bank rates. Submit one Singpass application for offers from DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, and more.
SORA Trends Impacting EC Loans
SORA is the key benchmark for floating EC loans, replacing older FIX rates. It reflects actual interbank lending.
The chart below shows recent interest rate trends in Singapore:
Rates stabilized at ~3.2% in 2026; fixed packages offer certainty for EC buyers near the income ceiling.
How to Boost Your EC Loan Eligibility
- Reduce Debt: Pay down cards/loans to free TDSR space—aim under 40% utilization.
- Stable Income Proof: Gather 3-6 months payslips; self-employed use audited accounts.
- CPF Top-Up: Maximize Ordinary Account for downpayment, reducing loan size.
- Timing: Apply post-MOP on prior flat; use Homejourney for IPA simulation.
- Refinance Later: Post-5Y MOP, EC privatizes—better rates via our refinancing tool.
Link to our pillar: EC Loan Eligibility Income Ceiling & Requirements: Homejourney Guide ">EC Loan Eligibility & Income Ceiling: Complete Guide for full details.
FAQ: EC Loan Eligibility Income Ceiling and Requirements
What is the EC income ceiling for loans? S$16,000 monthly household income; exceeding disqualifies new EC purchase.[1][2]
Can second-timers buy EC with bank loans? Yes, after 5-year MOP, paying resale levy. MSR/TDSR apply.[1]
How does TDSR affect EC borrowing? Caps total debt at 55% income; e.g., $14K income limits to $7,700/month all repayments.[6]
Which bank has best EC rates 2026? Compare DBS (3.2%), OCBC (3.15%) on Homejourney—rates vary by profile.
Is Singpass needed for EC loan IPA? Yes, Homejourney auto-fills via Singpass for instant eligibility checks.
Disclaimer: Rates and rules per MAS/HDB 2026; consult Homejourney brokers for advice. Homejourney prioritizes your safety with verified data.
Ready to check your EC loan eligibility income ceiling? Visit Homejourney bank rates for comparisons, calculators, and multi-bank applications. Search ECs at property search within your budget—trust Homejourney for secure property journeys.
