Self-Employed Mortgage Eligibility Complete: Bank Rate Comparison Guide

Self-employed individuals in Singapore can secure mortgages from major banks like DBS, OCBC, and UOB by meeting strict income stability proof, typically requiring two years of NOAs from IRAS and a 30% variable income haircut for TDSR calculations.

Homejourney simplifies this with our eligibility calculator at https://www.homejourney.sg/bank-rates#calculator, comparing rates across all partners instantly while prioritizing your data security through Singpass integration.

Why Self-Employed Face Unique Mortgage Challenges in Singapore

Banks view self-employed applicants, including freelancers and gig economy workers, as higher risk due to variable income, demanding proof of consistency over at least two years.[1][2] Unlike salaried employees with simple payslips, you need comprehensive documents like NOAs, CPF statements, and bank records to verify earnings.[1]

The Monetary Authority of Singapore (MAS) enforces Total Debt Servicing Ratio (TDSR) at 55% of gross income, but self-employed income gets a 30% haircut—meaning only 70% counts toward borrowing power.[2][8] For HDB or EC buyers, Mortgage Servicing Ratio (MSR) caps at 30% of income.[5]

This guide, part of Homejourney's pillar on Self-Employed Mortgage Singapore: Homejourney Eligibility Guide ">Self-Employed Mortgage Singapore, equips you with actionable steps, real examples, and bank comparisons to boost approval odds safely.

Key Eligibility Criteria for Self-Employed Home Loans

To qualify, banks assess income stability, credit history, business longevity (minimum 2 years), and debt ratios.[1][3] Minimum age is typically 21, with loan tenures up to age 65 or 75 depending on the bank.

Income Proof: Last 2 years' NOAs from IRAS, matching CPF contributions and bank statements (6-12 months).[1][3]
TDSR Limit: Total debts ≤55% of adjusted gross income (70% for variable income).[2][8]
MSR for HDB/EC: Housing loan ≤30% of gross income (employee CPF included, employer CPF excluded).[5][6]
Credit Score: Strong Credit Bureau Singapore record; avoid defaults.[1][7]

Homejourney's trusted platform verifies your eligibility instantly via Singpass, auto-filling NOA and income data for faster, secure pre-approvals from DBS, OCBC, UOB, HSBC, and more.

Real Example: TDSR Calculation for Freelancer

Suppose a graphic designer freelancer earns S$10,000 monthly gross. After 30% haircut: S$7,000 counts for TDSR.[2] With S$2,000 existing car loan, max housing payment is (S$7,000 x 55%) - S$2,000 = S$1,850/month at 3% interest, allowing ~S$450,000 loan over 25 years.

Monthly Gross Income	Adjusted (70%)	TDSR Max Debt (55%)	Max Housing (No Other Debt)
S$5,000	S$3,500	S$1,925	S$1,925
S$10,000	S$7,000	S$3,850	S$3,850
S$15,000	S$10,500	S$5,775	S$5,775

Calculate yours at Homejourney's mortgage calculator to see exact borrowing power, factoring TDSR/MSR.

NOA Requirements and Documentation Checklist

NOAs are critical: Banks require the latest 2 years from IRAS to confirm declared income matches filings.[1][3] Mismatches lead to rejections—always file accurately and on time.

Prepare NOAs: Download from myTax Portal; show year-on-year growth.
CPF Statements: Prove contributions over 24 months.
Bank Statements: 6-12 months, highlighting business inflows.
Business Docs: ACRA registration, profit/loss statements.
Others: Credit report, existing loan details.

Upload securely via Homejourney's multi-bank application at https://www.homejourney.sg/bank-rates—one form reaches DBS, OCBC, UOB, HSBC, Standard Chartered, Maybank, and partners.

Current Bank Rate Comparison for Self-Employed (2026)

Rates tie to SORA; self-employed often get similar packages but face stricter scrutiny. Homejourney aggregates live rates—check Bank Rates ">Bank Rates for updates.

Bank	1st Year Fixed (% p.a.)	Subsequent (SORA + %)	Min Income
DBS	~2.0%	3M SORA + 0.6%	S$3,000*
OCBC	~1.9%	3M SORA + 0.65%	S$3,000*
UOB	~2.1%	3M SORA + 0.7%	S$3,000*
HSBC	~2.2%	3M SORA + 0.8%	S$4,000*

*Adjusted for self-employed after haircut. Rates as of 2026; verify on Homejourney. The chart below shows recent interest rate trends in Singapore:

As shown, SORA has stabilized around 2.8-3.2%, favoring fixed packages for self-employed stability.

5 Steps to Improve Your Self-Employed Mortgage Eligibility

Boost chances with these insider tips from Homejourney's mortgage experts:

1. Build 2-Year Track Record: Delay application if business <2 years; show growth via NOAs.[1][3]
2. Lower Debts: Aim debt-to-income <40%; pay off cards first.[3]
3. Fix Credit: Check Credit Bureau report; resolve issues early.[7]
4. Maximize CPF: Consistent contributions signal stability.[1]
5. Use Homejourney: Pre-assess via our calculator, submit multi-bank apps for best offers.

For more, read Self-Employed Mortgage Eligibility: Improve Approval Chances with Homejourney ">Self-Employed Mortgage Eligibility: Improve Approval Chances.

FAQ: Self-Employed Mortgage Singapore

What are NOA requirements for self-employed mortgages?
Latest 2 years' IRAS NOAs proving income consistency; must match CPF and statements.[1]

How does variable income affect TDSR?
30% haircut: Only 70% of gross counts.[2][7]

Can gig workers get HDB loans?
Yes, if meeting MSR 30% and 2-year proof; use Homejourney for HDB-bank comparisons.

Which bank is best for freelancers?
Compare on Homejourney bank-rates; DBS/OCBC often competitive for variable income.

Disclaimer: This is general info; consult Homejourney brokers or advisors. Rates fluctuate.

Ready to check eligibility? Visit Homejourney's bank rates page for instant calculations, Singpass applications, and properties in budget via property search. Trust Homejourney for safe, transparent home financing.