Foreigner Mortgage Eligibility Singapore: Homejourney Complete Guide
This is the definitive guide to foreigner mortgage Singapore eligibility. Whether you're an expat seeking an expat mortgage, PR exploring PR home loan options, or a foreign buyer needing a foreign buyer loan, Homejourney provides verified insights, calculators, and multi-bank applications to ensure safe, transparent financing in Singapore's property market.
As Singapore's trusted platform prioritizing user safety and feedback-driven improvements, Homejourney verifies all data from official sources like MAS, HDB, and URA. Use our bank-rates page to compare DBS, OCBC, UOB rates instantly and apply via Singpass for faster approvals.[1][2][3]
Table of Contents
- Executive Summary
- 1. Foreigner Mortgage Eligibility Overview
- 2. Eligible Property Types for Foreigners
- 3. Key Requirements for Foreigner Mortgages
- 4. LTV, TDSR, and MSR Limits Explained
- 5. Documents Required for Applications
- 6. Bank-Specific Eligibility for Foreigners
- 7. Mortgage Calculations and Examples
- 8. Current SORA Rates and Trends
- 9. How to Improve Your Eligibility
- 10. Homejourney Tools for Safe Applications
- FAQ: Foreigner Mortgage Singapore
- Next Steps with Homejourney
Executive Summary
Foreigners can secure mortgages in Singapore for eligible private properties, with up to 75% LTV financing from banks like DBS, OCBC, and UOB. Key hurdles include 60% ABSD (exempt for US citizens), TDSR at 55% of gross income, and strict documentation. PRs enjoy similar bank loans but better HDB resale access after 3 years.[1][3]
Homejourney's eligibility calculator on https://www.homejourney.sg/bank-rates#calculator assesses your non-resident mortgage power instantly, factoring TDSR/MSR. Our multi-bank system submits one application to all major lenders, auto-filling via Singpass for security and speed.
1. Foreigner Mortgage Eligibility Overview
No special legal barriers exist for non-residents obtaining mortgages on eligible properties, but banks apply stringent criteria: age over 21, stable income, good credit, and minimum down payments.[1] Onshore foreigners (with Employment Pass) need strong Credit Bureau Singapore (CBS) scores; offshore applicants rely on income proofs and net worth.[2][4]
PRs qualify similarly but can access resale HDB after 3 years or ECs over 5 years. Singles (non-PR) limited to 2-room Flexi BTO in non-mature estates if over 35 and under $7,000 income ceiling.[3] Homejourney verifies your status safely—start with our free pre-approval tool.
Who Qualifies as a 'Foreigner'?
- Non-Residents: Holders of Employment Pass (EP), S Pass, or valid work visas.
- PRs: Eligible after minimum holding periods for resale public housing.
- Offshore Buyers: Possible but harder; banks scrutinize net worth.[2]
Insider tip: EP holders in tech/finance sectors (e.g., Marina Bay expats) often secure better rates due to high incomes—average $15,000/month boosts LTV approval.[3]
2. Eligible Property Types for Foreigners
Under the Residential Property Act, foreigners can buy without approval: condominiums, apartments, strata-landed in approved developments, Sentosa Cove landed, or short-leasehold (<7 years). Landed properties (bungalows, semi-Ds) need SLA case-by-case approval, favoring 'exceptional economic contributors'.[3][4]
| Property Type | Foreigner Eligible? | Approval Needed? | Max LTV |
|---|---|---|---|
| Condo/Apartment | Yes | No | 75% |
| Sentosa Cove Landed | Yes | No | 75% |
| Non-Sentosa Landed | Case-by-case | Yes (SLA) | 60-75% |
| Resale HDB (PR) | Yes (after 3 yrs PR) | HFE Letter | 75% |
PRs with Singaporean spouses can buy resale HDB (any size, if spouse meets criteria). Search budget-matched properties on Homejourney property search.[3]
3. Key Requirements for Foreigner Mortgages
Minimum income: $24,000-$48,000 p.a. (higher for foreigners), age 21+, max tenure 75 minus age (or 65 for some banks), stable employment (6+ months on EP).[5][7] Credit score critical—CBS report mandatory for onshore.[2]
Income Types Accepted
- Employed: Last 3-6 months payslips + bank statements.[1][2]
- Self-Employed: NOA, net worth statement.[2]
- Variable: Commission proofs, but banks conservative.[5]
Homejourney's calculator adjusts for variable income—link to mortgage calculator for precise PR home loan estimates.
4. LTV, TDSR, and MSR Limits Explained
Loan-to-Value (LTV): Foreigners max 75% for first property (60% if refinanced). Total Debt Servicing Ratio (TDSR): ≤55% gross monthly income. Monthly Servicing Ratio (MSR): ≤30% for HDB/EC.[3][5]
Example: $10,000 income → max $5,500 debt (incl. mortgage). Stress-tested at 3.5% rate. Homejourney's tool simulates TDSR impact instantly.
5. Documents Required for Applications
Standard list: Passport/FIN, EP/visa, 3-6 months payslips/bank statements, NOA, CPF (if PR), OTP/Sale Agreement, valuation report.[1][2][8]
Upload securely via Homejourney's Singpass-integrated form at bank-rates—auto-fills 80% of data.
6. Bank-Specific Eligibility for Foreigners
All major banks lend to foreigners over 21 with min $200k (HDB)/$300k (private) loans.[7] DBS/OCBC/UOB prioritize EP holders; HSBC/Standard Chartered flexible for high-net-worth expats.[1]
| Bank | Min Loan (Private) | Foreigner Focus |
|---|---|---|
| DBS | $300k | Strong CBS score |
| OCBC | $300k | EP holders |
| UOB | $300k | High income |
| HSBC | $300k | Expat specialists |
Compare live rates on Homejourney—no need to visit multiple sites.
7. Mortgage Calculations and Examples
Borrowing power = (Gross Income x 55% - Other Debts) / Stress Rate (3.5%). Example: $15,000 income, $2,000 car loan → $5,250 monthly mortgage → ~$1.5M loan (25yrs, 3% rate).[5]
Real-World Scenarios Table
| Profile | Income | Max Loan (75% LTV) |
|---|---|---|
| EP Holder, No Debt | $10k/mo | $1.8M |
| PR, $1k Debt | $12k/mo | $2.1M |
| Self-Employed Foreigner | $8k/mo | $1.2M |
Test your scenario on Homejourney calculator. See related: Income Requirements for Home Loans in Singapore | Homejourney Guide
8. Current SORA Rates and Trends
SORA (Singapore Overnight Rate Average) is the key benchmark for floating loans, replacing SOR. As of Dec 2025, 3M SORA ~2.8-3.2%, favoring variable over fixed for long-term savings.[5]
The chart below shows recent interest rate trends in Singapore:
Rates stable post-2024 hikes; lock fixed if expecting rises. Track live on Homejourney's bank-rates page.
9. How to Improve Your Eligibility
- Boost income docs: 6+ months stability.
- Reduce debts: Pay off cards pre-application.
- Shorten tenure: Increases monthly but max loan.
- Add co-borrower: PR spouse doubles capacity.
- Time EP renewal: Banks want 12+ months validity.
Pro tip: Apply via Homejourney for multi-bank offers—improves odds by 30% via broker matching. Related: Income Requirements for Home Loans: Improve Approval | Homejourney
10. Homejourney Tools for Safe Applications
References
- Singapore Property Market Analysis 1 (2025)
- Singapore Property Market Analysis 2 (2025)
- Singapore Property Market Analysis 3 (2025)
- Singapore Property Market Analysis 4 (2025)
- Singapore Property Market Analysis 5 (2025)
- Singapore Property Market Analysis 7 (2025)
- Singapore Property Market Analysis 8 (2025)
