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 (EC) eligibility, with bank loans capped by MSR 30% and TDSR 55%. This Homejourney cluster guide breaks down who can buy EC, key loan requirements, and current bank rates from DBS, OCBC, UOB and more. As part of our pillar on EC Executive Condo Financing Complete Guide, it equips you with actionable steps for approval in Singapore's trusted property market.
EC Eligibility: Who Can Buy and Income Ceiling Rules
EC eligibility starts with HDB criteria before banks assess loans. You must form an eligible family nucleus: Public Scheme (spouse/children), Fiancé/Fiancée Scheme, Orphans Scheme, or Joint Singles Scheme (age 35+ for resale).[1][2][4]
At least one applicant must be a Singapore Citizen (SC), with the other SC or Permanent Resident (SPR). Singles applying jointly must all be SCs and aged 35+.[2][4] Crucially, gross monthly household income must not exceed the EC income ceiling of $16,000 for new launches.[1][2][3][4][5]
No private property ownership or disposal in the last 30 months, and no more than one prior housing subsidy (HDB/DBSS/EC). Fulfill any Minimum Occupation Period (MOP) on existing HDB/EC.[1][2] Homejourney verifies these via our eligibility tools for safe, confident decisions.
EC Requirements Beyond Income
- Age: 21+ years; 35+ for joint singles.[4]
- Citizenship: SC household core.[2]
- Property Rules: No excess private assets; MOP compliance.[1]
Clear HDB Flat Eligibility (HFE) letter required before booking. Use Homejourney's Property Search to find ECs within your budget.
Key EC Loan Requirements: MSR, TDSR and Bank Criteria
ECs use only bank loans—no HDB financing. Banks like DBS, OCBC, UOC, HSBC, Standard Chartered apply MSR 30% (mortgage ≤30% gross income for ECs in 5-year MOP) and TDSR 55% (all debts ≤55% gross income).[1][3][5]
Maximum Loan-to-Value (LTV) is 75%; 5% cash downpayment, rest CPF/cash. Loan tenure max 30 years or age 65 (whichever shorter).[1]
Income Assessment: Fixed salary uses 3 months' payslips, 12 months' CPF, latest IRAS NOA. Self-employed/variable income (e.g., commissions) gets 20-30% haircut; needs 2 years' NOA, bank statements, ACRA profile.[1]
Credit check via Credit Bureau Singapore: Aim for clean history, <30% credit utilisation. Stable employment boosts odds.
Real Calculation Examples
Example 1: $12,000 Household Income, No Other Debts
- EC income ceiling: $12,000 < $16,000 → Eligible.[1]
- MSR 30%: Max instalment = $3,600.[1][3]
- TDSR 55%: Max debts = $6,600; MSR binds.[1]
- At 3% rate, 25-year tenure: ~$800,000 loan quantum.[3]
Example 2: $16,000 Income Max MSR instalment $4,800 → ~$1,000,000 loan. Exceed $16,000? Ineligible for new EC subsidy.[1][5]
Assumes EC price $1.3M-$1.95M; adjust for rates.[3] Test yours on Homejourney's mortgage calculator.
Bank Rate Comparison for EC Loans
Compare rates from Homejourney partners: DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong, Citibank. Fixed rates start ~2.5-3.0% (1-3y), floating SORA+0.5-1.0%.[1]
SORA (Singapore Overnight Rate Average) is the key benchmark for floating rates. Most EC loans peg to 3M SORA.
The chart below shows recent interest rate trends in Singapore:
Rates hover ~3% amid 2026 stability; fixed packages offer certainty for first-timers. Visit Homejourney bank rates for live comparisons—one application gets offers from all majors via Singpass auto-fill.
How to Improve EC Loan Eligibility
Boost approval with these steps:
- Reduce debts: Pay down cards/loans to free TDSR space.
- Stabilise income: Show 6+ months' consistent earnings.
- Improve credit: Keep utilisation low; avoid new applications.
- Save for downpayment: 25% ready (5% cash).
- Time application: Apply pre-launch via Homejourney for pre-approval.
Self-employed? Gather 2 years' docs early. Use our Bank Rates for TDSR/MSR simulators. For tips, see EC Loan Eligibility Income Ceiling & Requirements: Boost Approval Odds | Homejou... .
Homejourney: Safe EC Financing
Homejourney prioritises your safety with verified data, transparent comparisons, and Singpass-secured applications. Calculate eligibility instantly, compare DBS to Citibank rates, submit once for multi-bank offers. Post-purchase, explore Aircon Services for maintenance.
Disclaimer: This is general info; consult professionals. Rates as of 2026; subject to bank approval.[1]
FAQ: EC Loan Eligibility Income Ceiling and Requirements
What is the EC income ceiling? $16,000 gross monthly household for new ECs.[1][2]
Who can buy EC? SC-led families under HDB schemes, no excess private property.[1][2][4]
MSR vs TDSR for EC? MSR 30% for mortgage; TDSR 55% total debts—both apply.[1][3][5]
How to compare EC bank rates? Use Homejourney's tool at bank-rates for all majors.
Self-employed EC loan eligibility? Yes, with haircut on variable income; prepare NOA/statements.[1]
Ready for your EC? Start with Homejourney bank rates comparison for secure, multi-bank quotes. Link back to our pillar: EC Financing Complete Guide.
