How to Determine Your Mortgage Eligibility: Frequently Asked Questions

Determining your mortgage eligibility Singapore starts with understanding key ratios like TDSR (55% limit) and MSR (30% for HDB/EC), income stability, age, and LTV limits set by MAS and HDB.

Homejourney simplifies this with our free loan eligibility calculator at https://www.homejourney.sg/bank-rates#calculator, where you can instantly check if you qualify for mortgage using Singpass for auto-filled data.

This cluster article supports our pillar guide, How to Determine Your Mortgage Eligibility in Singapore with Homejourney ">How to Determine Your Mortgage Eligibility in Singapore with Homejourney , by answering common home loan eligibility questions for first-time buyers, upgraders, and investors in Singapore.

What is Mortgage Eligibility in Singapore?

Mortgage eligibility Singapore depends on regulations from the Monetary Authority of Singapore (MAS) and Housing & Development Board (HDB). Banks assess your ability to repay without overleveraging, using ratios like Total Debt Servicing Ratio (TDSR) at 55% or below for all properties, and Mortgage Servicing Ratio (MSR) at 30% or below for HDB flats and Executive Condominiums (ECs).[1][5]

TDSR considers all debts—including car loans, credit cards (3% of balance or $50 minimum), and personal loans—against your gross monthly income. MSR applies only to HDB/EC purchases for owner-occupation, assuming 20% of income covers CPF and living expenses.[1]

For example, a couple earning $10,000 monthly with a $1,000 car loan can allocate up to $4,450 (55% TDSR minus car loan) for a mortgage. Homejourney's am I eligible for mortgage tool at https://www.homejourney.sg/bank-rates runs these calculations instantly, comparing rates from DBS, OCBC, UOB, HSBC, and more.

Key Requirements for Home Loan Eligibility

Income and Employment Criteria

Banks recognize 100% of fixed salary, 70% of bonuses (averaged over 12-24 months), and variable income with proof. Self-employed applicants need 2 years of audited accounts. Minimum monthly income varies: OCBC requires loans from $200,000 for HDB, $300,000 for private properties.[4]

HDB loans cap household income at $14,000 ($7,000 singles, $21,000 extended families).[8] Foreigners need work passes, pay stubs, tax returns, and bank statements.[3]

Age, Tenure, and LTV Limits

Minimum age is 21. Loan tenure is the lower of 30 years or to age 65 (Income-Weighted Average Age for couples). Loan-to-Value (LTV) starts at 75% for first-timers under 55 with no prior loans, dropping to 45% for subsequent properties.[1]

For a $1M condo, this means up to $750,000 loan plus 5% cash downpayment ($50,000). Use Homejourney's calculator to see your LTV based on real-time data from partner banks like Standard Chartered and Maybank.

TDSR and MSR Calculation Examples

Let's break down real scenarios for Singapore buyers.

Scenario	Monthly Income	Existing Debts	Max Mortgage (TDSR 55%)	HDB Max (MSR 30%)
Single Earner	$8,000	$500 (credit card)	$3,950	$2,400
Couple (HDB)	$12,000	$1,200 (car loan)	$4,800	$3,600
Investor (Private)	$15,000	$2,000 (existing mortgage)	$4,250	N/A

Example: Ryan ($5,000 salary + $140,000 bonus at 70% = $13,166 monthly) with $1,000 car loan gets $6,899 max mortgage ($13,166 x 55% - $1,000).[1] Test your numbers on Homejourney for precise results, including live 3M/6M SORA rates.

How to Improve Your Mortgage Eligibility

Reduce Debts: Pay off credit cards or car loans to free up TDSR room. Aim for under 20% debt before applying.
Boost Income Proof: Include bonuses/commissions with 24-month averages; self-employed, get NOA from IRAS.
Add Co-Borrower: Spouse or parent sharing income increases ceiling (e.g., IWAA for tenure).
Time Your Application: Apply post-bonus or after debt payoff; track SORA via Homejourney.
Prepare Docs Early: Singpass-ready payslips, CPF statements, tax returns speed approvals.

Submit one application on Homejourney to get offers from DBS, OCBC, UOB, HSBC, Standard Chartered, CIMB, and others—multi-bank comparison in a safe, trusted platform prioritizing your data security.

Why Choose Homejourney for Mortgage Checks?

Homejourney builds trust through transparency: our loan eligibility calculator verifies against MAS/HDB rules, auto-fills via Singpass, and compares rates from all major banks. No hidden fees, real-time SORA tracking, and WhatsApp support for queries.

After checking eligibility, search properties within budget at https://www.homejourney.sg/search or consult agents at https://www.homejourney.sg/agents. For post-purchase, explore Aircon Services ">Aircon Services .