If you are wondering “am I eligible for a mortgage in Singapore?”, the fastest way to get a clear answer is to check your income, existing loans, age, and credit profile against MAS rules (TDSR/MSR) and then use a trusted loan eligibility calculator like Homejourney’s, which applies these regulations to your real numbers for an instant estimate.[5]
This cluster article deep-dives into How to Determine Your Mortgage Eligibility: Benefits of Applying via Homejourney, and connects back to our main pillar guide on mortgage eligibility and bank rate comparison Mortgage Eligibility & Bank Rate Comparison Guide | Homejourney . It focuses on practical, tactical steps you can apply today before you start shortlisting homes on Property Search .
What “Mortgage Eligibility Singapore” Really Means
In Singapore, home loan eligibility is mainly governed by Monetary Authority of Singapore (MAS) rules, plus each bank’s own internal criteria.[5]
In simple terms, you qualify for a mortgage if:
- Your Total Debt Servicing Ratio (TDSR) does not exceed 55% of your gross monthly income.[5]
- Your Mortgage Servicing Ratio (MSR) for HDB and EC units does not exceed 30% of your gross monthly income.[5]
- You meet age, loan tenure, and credit assessment standards set by the bank.
- Your documentation proves stable, legal income (salary, variable income, or self-employed earnings).[5]
On the ground, this plays out very clearly. For example, if you are a 32-year-old engineer working at One-North earning $7,000 gross a month, with a car loan of $800 and no other debts, your bank will check if the new monthly instalment at the MAS stress-test rate still keeps your TDSR within 55% and (for HDB/EC) your MSR within 30%.[5]
Homejourney’s loan eligibility calculator at Mortgage Rates mirrors these rules, giving you a realistic ceiling before you even book viewings.
Key Mortgage Eligibility Requirements Explained
1. Income Requirements: Salaried, Variable, and Self-Employed
MOST Singapore banks and MAS guidelines assess your gross monthly income, then adjust it for consistency and type.[5]
Common treatment in practice:
- Fixed salaried income (e.g. civil servants, full-time staff in CBD offices) is usually taken at 100% based on payslips and IRAS Notice of Assessment.
- Variable income (commissions, bonuses, allowance-heavy roles like property agents or sales staff) may be haircut by around 30%, i.e. only 70% is counted for eligibility.[2]
- Self-employed / freelancers often need 2–3 years of NOA, bank statements, and business records; banks may again apply a haircut to account for income volatility.[2]
For example, a Grab driver living in Punggol with an average credited income of $6,000 a month may see only around $4,200 counted for TDSR calculations. This is why using a loan eligibility calculator that lets you key in income type is critical.
On Homejourney’s bank rates page Bank Rates , you can apply via Singpass/MyInfo, allowing income and CPF data to be pulled securely so banks see the same consistent numbers you do—this reduces unpleasant surprises at final approval.
2. TDSR: 55% Cap on All Debt Obligations
Total Debt Servicing Ratio (TDSR) means that your total monthly repayments for all debt—home loans, car loans, student loans, personal loans, and even the minimum on credit cards—cannot exceed 55% of your gross monthly income.[5]
MAS also requires banks to use a stress-test interest rate when computing eligibility, generally higher than current market rates, to make sure you can still pay if interest rates rise.[5]
So if you are eyeing a 3-bedder resale condo in Sengkang around $1.4 million, your TDSR will be tested not just against today’s SORA packages, but at a higher notional rate. This is where Homejourney’s TDSR calculator on Mortgage Rates comes in—it shows you not only today’s instalment, but the stress-tested scenario so you can decide safely.
3. MSR: 30% Limit for HDB and Executive Condos
Mortgage Servicing Ratio (MSR) applies only to HDB flats and executive condominiums (ECs) and caps your property loan instalment at 30% of gross monthly income.[5]
For example, if you and your spouse earn $10,000 combined and want a new BTO at Tengah, your monthly mortgage cannot exceed $3,000 under MSR. Many buyers underestimate this and only look at TDSR, which can lead to disappointment when their HDB or EC loan eligibility is curtailed by MSR.
Homejourney’s eligibility tools explicitly show both TDSR and MSR impact, helping you see which rule is your real bottleneck.
4. Age and Loan Tenure Limits
While details vary by bank, a common pattern across DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, CIMB, RHB, Public Bank, Hong Leong Bank and Citibank is:
- Minimum age: usually 21 years old.[6]
- Maximum loan tenure for residential property: up to around 30 years for HDB and 30–35 years for private, subject to age limits and LTV rules.[5]
- Combined age + tenure usually cannot exceed a certain threshold, commonly age 65 or 75 depending on product and bank.
This means a 45-year-old buyer eyeing a leasehold condo in Pasir Ris may not get full 30–35 years; tenure may be constrained so that the loan ends before a specific age, lowering maximum loan and raising monthly instalments.
5. Credit Score and Employment Stability
Local banks check your credit history via credit bureaus, plus your employment history and length of service. Late payments, frequent job changes, or undischarged bankruptcies can reduce how much you can borrow, or lead to rejection.
For salaried workers, at least 3–6 months in current job is often preferred, though some banks are flexible for in-demand professions (e.g. doctors, tech professionals) where job mobility is high.
Homejourney’s mortgage specialists—reachable when you apply through Bank Rates —can help you position your profile with partner banks if you recently changed jobs or had minor credit issues.
Real-World Borrowing Capacity Examples
To make the concept of “am I eligible for mortgage?” clearer, here are simplified examples based on MAS ratios.[5] These are educational only and not financial advice; always run your exact numbers using Homejourney’s loan eligibility calculator at .
Example 1: Single Buyer, Private Condo
Profile: 30-year-old engineer working in Jurong Innovation District, salary $7,000/month, no other loans.
Assume bank uses stress-test interest of 4% and 30-year tenure.
- Max TDSR repayment = 55% × $7,000 = $3,850/month.[5]
- At 4% over 30 years, a monthly instalment of ~$3,850 supports a loan of roughly $800,000–$820,000 (approximate range).
If this buyer wants a $1.1 million resale condo near Clementi MRT, they might need about $280,000–$300,000 in combined cash and CPF, plus stamp duties and legal fees.
Example 2: Married Couple, HDB Resale Flat
Profile: Both age 35, household income $11,000/month, one car loan $900/month, no other debt. They want a 4-room resale flat in Bukit Merah near Tiong Bahru MRT, priced around $950,000.
- MSR cap = 30% × $11,000 = $3,300/month.[5]
- TDSR cap = 55% × $11,000 = $6,050/month minus $900 car loan = $5,150 for housing.[5]
Here, MSR is the stricter rule
