To qualify for a bank home loan in Singapore, most lenders expect a minimum annual income of around S$24,000 for a single borrower, proof of stable income over at least 3–6 months, and compliance with MAS’ Total Debt Servicing Ratio (TDSR) 60% cap and, where applicable, Mortgage Servicing Ratio (MSR) 30% for HDB and EC purchases.[1][6] Your actual loan amount then depends on bank-specific criteria, current bank rates, and how your income is structured (fixed, variable, or self-employed).
This cluster guide sits under Homejourney’s main pillar, Income Requirements for Home Loans in Singapore: Homejourney’s Definitive Guide Income Requirements for Home Loans in Singapore: Homejourney’s Definitive Guide . Here we zoom in on how income requirements interact with bank rate types, different banks’ products, and real approval scenarios so you can use Homejourney’s bank rate comparison tools confidently and safely.
Key income rules for Singapore home loans
In practice, banks in Singapore look at four main income-related pillars when assessing your home loan:
- Minimum income: Many lenders set a baseline of about S$24,000 annual income for single borrowers (about S$2,000/month), and higher for joint or foreign borrowers.[1]
- Type & stability of income: Fixed salary, allowances, commissions, bonuses, rental income, and self-employed income are all treated differently.
- Regulatory ratios: MAS’ TDSR 60% applies to all bank loans and MSR 30% for HDB flats and ECs.[6]
- Loan-to-Value (LTV) and age: Higher income and younger income-weighted age support higher loan amounts and maximum LTV bands.[1]
For example, a couple earning S$9,000 combined, buying a 4-room resale flat in Punggol near the MRT, will have their monthly instalment capped at S$2,700 by MSR (30% of income) and also within the TDSR 60% limit, after accounting for car loans, credit cards, and personal loans.[1][6]
For a deeper explanation of MSR, TDSR and LTV, see our dedicated guides: TDSR Singapore Explained: Mortgage Eligibility Guide | Homejourney and TDSR Explained: Mortgage Eligibility & Homejourney Benefits .
Income requirement vs bank rate: how they interact
The interest rate package you choose (SORA-pegged, fixed, or board rate) doesn’t change MAS’ TDSR formula, but it materially changes your actual monthly instalment and long-term risk.[6] MAS uses a stress-test rate of at least 3.5% for TDSR regardless of the actual promotional rate, so your income eligibility home loan calculation is designed to be conservative.[1]
In 2025, typical owner-occupier home loans in mature estates like Tampines or Clementi ranged roughly between 3.0%–3.6% p.a. effective for SORA-based and fixed packages, based on major bank board disclosures and MAS/market commentary.[6] Always verify with live data from Homejourney’s bank rates page Bank Rates , as rates adjust frequently with SORA movements and bank funding costs.
Understanding SORA, fixed and board rates
SORA (Singapore Overnight Rate Average) is the key benchmark used for most floating home loans today. Banks typically offer a package like “3M SORA + spread”, where SORA resets every three months and the spread is fixed for the lock-in period.
Fixed rate packages lock in a flat rate (e.g. 3.20% p.a.) for 1–3 years, then convert to a floating rate, usually SORA or a board rate. Board rate packages are pegged to an internal bank rate that the bank can change at its discretion, usually with notice.
The chart below shows recent interest rate trends in Singapore:
Use this trend as context when deciding if your income can comfortably absorb future rate increases. Homejourney’s real-time SORA tracking on Bank Rates helps you see where rates are heading before you commit.
Typical minimum income & documentation by bank
Most major Singapore banks serving owner-occupiers in areas like Sengkang, Bukit Batok or Pasir Ris follow broadly similar minimum income and documentation requirements, aligned with MAS standards.[6] However, each bank may have its own nuances, especially for self-employed mortgage and variable income mortgage cases.
Core document set (what every bank usually wants)
Using UOB’s requirements as a representative example for private home loans, banks commonly request:[4]
- NRIC / Passport
- Latest computerised payslip (usually last 1–3 months)
- IRAS Notice of Assessment (especially for variable or self-employed income)
- For self-employed: last 2 years’ tax assessments and often business financials[4]
- CPF contribution history (6–12 months) where CPF is used for instalments or downpayment[1]
- Option to Purchase (OTP) or Sales & Purchase Agreement for the property[4]
On the ground, when I work with buyers upgrading from a 4-room HDB in Yishun to an EC in Punggol, the most common delay is incomplete CPF and NOA documentation—something Homejourney’s Singpass/MyInfo integration helps you avoid by auto-filling income data on Bank Rates .
How major banks handle income eligibility & rates
Below is a high-level comparison of how key banks partner with Homejourney and typically structure their income and rate approach. Always cross-check specific numbers on our live comparison tool Bank Rates as rates and conditions change regularly.
DBS, OCBC, UOB – “Big 3” local banks
Overview: DBS, OCBC and UOB are the three largest local banks in Singapore, with deep retail networks and long track records in HDB and private home lending.
- Home loan types: SORA-pegged floating packages, 1–3 year fixed packages, hybrid (fixed then floating) options.
- Income handling: Generally comfortable with salaried employees, with more conservative haircuts on commissions and bonuses; self-employed borrowers usually require 2–3 years of NOAs.
- Who they suit: Buyers with stable employment (e.g. civil servants, bank staff, MNC roles in CBD) and clear CPF histories, looking for predictable processes and competitive spreads.
A typical first-time buyer couple working in Raffles Place and One-North, each earning ~S$4,500, often finds one of the Big 3 providing the best blend of rate, customer service, and digital tools, especially when compared side-by-side via Homejourney’s rate comparison feature.
HSBC, Standard Chartered, Citibank – international banks
Overview: These banks often appeal to higher-income professionals and investors, especially those with multi-currency income or assets overseas.
- Home loan types: Competitive SORA packages, wealth-linked mortgage offers, and preferential pricing for premier/private banking clients.
- Income handling: Sometimes more flexible for foreign currency income or complex remuneration, but may expect higher minimum loan sizes or AUM (assets under management).
- Who they suit: High-income borrowers, landlords with multiple properties, and expats buying prime units in Districts 9–11 or city fringe areas like Redhill and Queenstown.
Maybank, CIMB, RHB, Public Bank, Hong Leong Bank – regional banks
Overview: These banks can be very competitive for specific segments, especially for refinancing and selected launch projects in locations like Jurong, Woodlands, and Sengkang.
- Home loan types: SORA and fixed packages, sometimes with promotional cashback or fee waivers for refinancing.
- Income handling: Similar MAS-aligned criteria, but may provide sharper pricing for larger loans or specific project tie-ups.
- Who they suit: Borrowers who are rate-sensitive and willing to explore beyond the Big 3 for better spreads, especially for loan sizes above S$500,000.
