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Anonymous

26 May 2020

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Will personal loans affect housing loans? If so, how much?

I am a little short on the cash for the down payment of buying a house, I want to apply for a personal loan to cover it. Will it affect my overall housing loan?

Thanks!

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Wrong Sean

26 May 2020

Yes, the personal loan will be count in the total debt servicing ratio (TDSR) threshold of 60%.

Monthly debt obligations count towards calculating a borrower's TDSR. For example, if a borrower has existing monthly debt obligations equal to 10% of their monthly income, then the maximum amount they can get for a property loan is based on 50% of their monthly income.

So depending on the monthly repayment amount on the personal loan, the amount that you can borrow for your housing loan is adjusted.

https://www.mas.gov.sg/regulation/explainers/td...

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