facebookI am a bit confused by the recent loan curbs on properties. Is the total amount of loans I can borrow based on my monthly income or the value of the property? - Seedly

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Anonymous

07 Jun 2019

Property

I am a bit confused by the recent loan curbs on properties. Is the total amount of loans I can borrow based on my monthly income or the value of the property?

Assuming a 4K monthly income, what would be the max loan I could potentially borrow?

Discussion (5)

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Kenichi Xi

07 Jun 2019

nᴉʍ oʇ dǝnᴉʇsǝd 不能说的秘密 at Tag Team with Gabriel Tham

The age counts.

Assuming you are single, 35yrs old, based on ur $4k salary.

The BTO is assumed to be priced at $239, 000

Without debt or including cpf, the estimated maximum amount you can borrow for BTO HDB flat is $319600 at TMSR 30% (for HDB or EC purchase only) and TDSR 30% (for all ppty type) for a Tenor of 25yrs.

The above calculations shows if you are single, got debts or bad credit score, you might not be able to borrow a decent amount.

Cpf will play a good part in helping you getting your loan and with Cpf grants.

What we can learn from the above is,

  1. Get married with a spouse with cpf tt can help getting a loan
  2. Dun get into any debts before any ppty loan
  3. Number of Credit cards and late payment will upset ur credit score that stays for 3 yrs.
  4. Increasing your income but make dure the combined income with ur spouse still allows u to get a BTO or EC.
  5. if you are getting PTE ppty, your current status is not eligible.

You can use this calculator as a guide when the need arise.

https://uniservices1.uobgroup.com/secure/online...

Hope my reply helps.

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https://seedly.sg/profile/a-kenichi-xi

Thank you.

View 2 replies

In short your loan amount is limited by
#1 LTV which capped the max possible loan amount
#2 TDSR which dictates the actual loan amount that you can take within LTV limit

Nicholas Woon

27 Sep 2018

Associate Division Director at ERA Realty Network Pte Ltd

Hi, the recent changes in the Loan-To-Value ratio was from 80% loan to 75% loan and it only applies ...

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