How do I know if I am eligible for a home loan in Singapore?

Eligibility for a home loan in Singapore depends on your citizenship status, income, age, existing financial obligations, and the type of property you're buying.

HDB loans are available for Singapore Citizens purchasing HDB flats. At least one applicant must be a Citizen, and household income must not exceed $14,000 per month for families or $7,000 for singles. You also must not own or have disposed of any private residential property within the past 30 months, and must not have taken more than two HDB loans previously.

Bank loans are open to Citizens, PRs, and in many cases foreigners, depending on the lender. Banks assess eligibility based on two key frameworks. The Total Debt Servicing Ratio (TDSR) caps your total monthly debt obligations - including the new mortgage - at 55% of gross monthly income. The Mortgage Servicing Ratio (MSR) applies specifically to HDB flats and Executive Condominiums, limiting your monthly home loan repayment to 30% of gross monthly income.

Banks also consider your age (which affects maximum loan tenure), credit history, employment stability, and the type and valuation of the property.

Using a platform like Cashew lets you check eligibility across multiple banks at once - without the hassle of approaching lenders individually or triggering multiple credit inquiries that could affect your credit score.