Typically, a home loan is the amount you took out from HDB (HLE) or the bank needed to finance your residential property.
Subjected to the bank and HDB’s requirements eligibility which includes below:
- Income ceiling – Minimum monthly income
- Residency & Household status
- Loan quantum
- Credit Assessment
- Fulfillment of HDB’s or bank’s internal credit requirement
Home Loan and its eligibility
Maximum Loan Amount
The maximum amount that you can borrow depends on your financier’s Loan-to Value (LTV) ratio. It is also subjected on whether you are able to meet the customary Total Debt Servicing Ratio (TDSR) and Mortgage Servicing Ratio (MSR).
Approval In Principle (AIP)
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Types of Home Loans in Singapore
Have the flexibility to take a loan directly from HDB or a bank to finance your home sweet home. Maximum loan tenure is up to 30 years.
HDB Loan vs. Bank Loan
HDB has made its home loan accessible to suitable buyers by offering at a concessionary interest rate of 0.1% above the CPF OA interest rate. It also allow buyers to have a loan-to-value (LTV) ratio of up to 90%, compared to merely 75% from banks. Thus making it far more affordable option.
As the term suggest, the bank loan rates are fixed. It does not change even when the market rate fluctuates. The rates will remain the same throughout the contractual period and the interest will be variable after the fixed rate period.