How to Determine Your Mortgage Eligibility with Homejourney

If you are wondering "am I eligible for a mortgage in Singapore?", the fastest way to determine your mortgage eligibility Singapore-wide is to assess your income, existing debts, age, and credit profile against MAS’ TDSR and MSR rules, then check bank-specific criteria using a reliable loan eligibility calculator like Homejourney’s, which instantly computes your borrowing power and lets you apply safely to multiple banks at once.

This article is a focused cluster guide that supports Homejourney’s main mortgage pillar content: How to Determine Your Mortgage Eligibility in Singapore with Homejourney . Here, we zoom in specifically on how to determine your mortgage eligibility and the benefits of applying via Homejourney so you can qualify for a mortgage with confidence and minimise surprises later.

What does mortgage eligibility mean in Singapore?

In Singapore, home loan eligibility is your ability to obtain a housing loan from a bank or financial institution within the limits set by the Monetary Authority of Singapore (MAS) and each bank’s own risk policies.[1][6][2] It answers two key questions:

Can you get a loan? – Based on your age, income stability, credit history, citizenship/PR status, and existing debts.[2][6]
How much can you borrow? – Based on MAS rules such as Total Debt Servicing Ratio (TDSR), Mortgage Servicing Ratio (MSR) for HDB/EC, and the bank’s Loan-to-Value (LTV) limits.[1][6]

For a typical couple in their early 30s buying a 4-room HDB resale flat in Punggol or Sengkang at around S$650,000, your eligibility will determine whether you can secure a S$480,000–S$500,000 mortgage comfortably, or if you need a larger downpayment or a cheaper flat.

Who qualifies for a mortgage in Singapore (and who may not)?

Most Singapore Citizens and PRs with stable income and manageable debts will qualify for some form of housing loan, but the amount varies widely.[2][6] Broadly, banks in Singapore commonly require:

Minimum age of 21 to take a home loan.[2][7]
Maximum age + loan tenure of around 65–75 years, depending on the bank.[2]
Verifiable income (usually via payslips, IRAS NOA, and CPF contribution history).[2]
Acceptable credit history with no major defaults or recent bankruptcy.
Compliance with TDSR 55% for all property loans and, where applicable, MSR 30% for HDB/EC loans.[1][6]

You may struggle to qualify for a mortgage if you:

Have very high existing debt (e.g. big car loan, many personal loans, large credit card balances) that push your TDSR above 55%.[1]
Have variable income (self-employed, commission-based, gig work) with insufficient documented history or large fluctuations.[2]
Are older (e.g. late 50s) and seeking a long tenure, which may exceed bank or MAS age limits.[2]
Have a weak credit score or recent missed repayments.

Foreigners can also obtain mortgages for eligible private properties, but may face tighter LTV, higher cash outlays, and Additional Buyer’s Stamp Duty (ABSD) depending on nationality.[2][4]

Key mortgage eligibility rules in Singapore (TDSR, MSR, LTV)

1. Total Debt Servicing Ratio (TDSR 55%)

TDSR measures the percentage of your gross monthly income used to service all your monthly debt obligations – including your new property loan.[1][5] MAS caps this at 55% for all property loans in Singapore.[1]

The formula is:

TDSR = (All monthly debt repayments ÷ Gross monthly income) × 100%

Debt obligations typically counted in TDSR include:

Existing home loans (if any)
Car loans
Personal loans and renovation loans
Education loans
Credit card debt (banks often assume the minimum payment, usually about 3% of outstanding, when calculating TDSR).[1]

For self-employed or commission-based income, banks often apply a 30% haircut on declared income when calculating TDSR.[2] For example, if you earn S$10,000 a month mostly from commissions, the bank may only recognise S$7,000 for TDSR purposes.[2]

2. Mortgage Servicing Ratio (MSR 30%)

MSR applies only if you are buying an HDB flat or an Executive Condominium (EC) with a bank loan.[1][5] MAS limits your monthly mortgage instalments for these properties to 30% of your gross monthly income.[1][6]

Formula:

MSR = (Monthly mortgage repayment for HDB/EC ÷ Gross monthly income) × 100%

This MSR limit is applied on top of the TDSR 55% cap.[1][6] So for an HDB buyer in Punggol, even if your total debts are safely below 55% TDSR, your loan could still be reduced if your HDB instalment alone would exceed 30% of your income.

3. Loan-to-Value (LTV) limits and age

Banks also cap how much of the purchase price or property value they can finance – this is the LTV limit. For borrowers below 55 with good credit and no outstanding housing loans, banks may finance up to about 75% of the property value, subject to MAS rules and the bank’s risk appetite.[1]

For a S$1,000,000 condo in Tampines, this could mean a loan quantum of up to about S$750,000 and minimum 5% cash downpayment, with the rest of the initial 25% paid via cash and/or CPF OA, subject to prevailing MAS regulations.[1]

As you get older or if you already have one or more housing loans, the maximum LTV and allowable loan tenure may be reduced.[1][2]

Other important eligibility factors: income, age, credit, stability

Income requirements and employment type

Banks in Singapore will typically ask for:

Latest 3–6 months’ payslips (for salaried employees)
Latest IRAS Notice of Assessment (NOA)
CPF contribution history (usually past 12 months) to verify employment stability and income flow[2]

For self-employed or variable income earners (property agents, Grab drivers, freelancers, salespeople with high commissions):

Banks often use average income over 1–2 years based on IRAS NOA.[2]
A 30% income haircut is commonly applied for TDSR calculations, e.g. declared S$8,000 becomes S$5,600 recognised income.[2]

If you are planning to buy a resale 3-room HDB flat in Toa Payoh or Queenstown where prices can easily reach S$500,000–S$650,000, this haircut can significantly reduce the maximum loan you qualify for, so planning ahead is key.

Age and loan tenure

The minimum age to take a home loan is generally 21 years.[2][7] Many banks in Singapore use an age cap of around 65 years when assessing the maximum loan tenure.[2]

Example:

If you are 35, you might be able to take a loan of up to ~30 years.
If you are 50, your maximum tenure may be closer to 15 years, which increases monthly instalments and can reduce your maximum eligible loan.