bank loan for ec

How to Get Bank Loan for Condo in Singapore?

For certain Singapore citizens, purchasing a property should be the solitary most tremendous costly investment they will encounter even though the slope has dropped dramatically since the early 2000s, housing values in Singapore. This will arise, thus the need for bank loan for condo singapore, or any place.

What exactly is the Mortgage Servicing Ratio?

The Loan Servicing Rate (MSR) is the percentage of the total annual income used to pay down your debt. Both Housing & executive apartment (EC) acquisitions were subject to the MSR.

The MSR is presently set at 30%, meaning that even if you make $4,000 per month, you may only spend $1,200 of your income to repay the lender.

What about the Total Debt Servicing Ratio?

Many house purchasers wonder if the MSR and the Overall Debt Service Percentage seem the same (TDSR). The reply is still no; according to the TDSR, debts might not even exceed 60% of a lender’s mortgage payment.

All of your debts, mainly (but again not restricted to) the home, is updated with new existing debt. This implies that any remaining debt (such as vehicle loans, debit card transactions, or consumer lending) will be included in the 60 percent figure.

As previously stated, this MSR solely pertains to HDB apartment and EC transactions. Whether purchasing a family residence, you need to think about the TDSR.


At a minimum, one purchaser must be a Singaporean resident, and the median maximum income family income cannot surpass S$14,000 to apply for an HDB loan. The HDB webpage has a complete list of qualifying requirements.

An HDB Lending Qualification (HLE) letter is required when qualifying for bank loans for a condo, Singapore, or anywhere. This HLE document represents pertinent data, including the credit facility you may loan, the highest monthly installment you can make, and the maximum payback length of the mortgage as a personal finance tool.