General
- How much loan can I qualify for?
- Can I use my CPF savings to buy a property?
- Where can I obtain my CPF Statements?
- Am I getting my loan from my housing loan?
- What's the advantage of getting my housing loan through my housing loan?
- When should I refinance my housing loan?
- Which is better, fixed rate or variable rate?
- If I have difficulties forking the minimum downpayment using cash or CPF, can I loan this amount?
Private Property
- Will I qualify for a housing loan if I am a Singapore Permanent Resident or foreigner?
- What is the minimum downpayment?
- Can I increase my housing loan quantum when I already have a housing loan?
- Can I remortgage my property?
HDB
- Where can I obtain my HDB Statement of account?
- If the purchase price is higher than the valuation, can the difference be financed?
- What is the minimum downpayment?
- Should I get my HDB housing loan from HDB or a bank?
General
How much loan can I qualify for?
Singaporeans and Singapore Permanent Residents can normally borrow up to 80% of the purchase price or value of the property, whichever is lower, provided that the borrower has only 1 housing loan. If the borrower has more than 1 housing loan, the loan-to-value drops to 60%. Do note that the exact loan amount you can qualify for will also be dependent on your age, income and existing loans. The monthly instalment of your mortage should generally not be more than 33% of your monthly income. Some mortgage lenders may lend up to 50% of your monthly income on a case-by-case basis. (refer to Indicative Test for Housing Loan Eligibilty).
Can I use my CPF savings to buy a property?
Yes, you can use CPF savings towards the purchase of the property, payment for stamp duty, legal fees and repayment of monthly instalments for the loan as long as you satisfy the following criteria:
- You must be the owner of the property. i.e. your name is or will be in the title deed.
- The property must have a remaining lease of no less than 30 years.
- The property purchased is in Singapore, and the loan application is accompanied by a valuation report.
- The applicant must not be an undischarged bankrupt.
Where can I obtain my CPF Statements?
The most convenient method is to make a SingPass request from http://www.ecitizen.gov.sg. You can then use your SingPass to check on your CPF account or view your CPF statements at the CPF website http://www.cpf.gov.sg.
Am I getting my loan from my housing loan?
my housing loan is responsible for sourcing the best loan packages for our clients and not involved in extending loans. The creditor is the financial institution that you choose to go with.
What's the advantage of getting my housing loan through my housing loan?
At my housing loan, you enjoy convenience, better housing loan packages and professional advice at no cost to you!
When should I refinance my housing loan?
As a rule of thumb, it is a good time to refinance when your lock-in and claw-back periods for your housing loan has expired or if there is a significant difference between your current loan interest rates and refinancing rates. If in doubt, feel free to contact us for a non-obligatory consultation.
Which is better, fixed rate or variable rate?
There is no hard and fast rule. Whether fixed rate or variable rate is better really depends on your risk appetite and expected rate fluctuations in the coming years.
If I have difficulties forking the minimum downpayment using cash or CPF, can I loan this amount?
The downpayment cannot be covered under a housing loan. An alternative to cover this amount would be credit card or personal overdrafts/loans but do bear in mind the high interest rates for such facilities.
Private Property
Will I qualify for a housing loan if I am a Singapore Permanent Resident or foreigner?
There is now no restriction when you take up a housing loan, following the relaxation of the housing loan guidelines.
What is the minimum downpayment?
The minimum downpayment is 20% of the purchase price, of which 5% must be paid in cash and the balance can be from your CPF savings.
Can I increase my housing loan quantum when I already have a housing loan?
As long as you do not exceed the maximum LTV and your monthly income can support the increase, you can increase the loan amount. However, mortgage lenders will charge a penalty if you are still within your lock-in period.
Can I remortgage my property?
Yes. Banks and financial institutions can grant you a loan subject to their credit assessments and after taking into account the CPF amount that was utilised. However, the loan given to you will be a term loan rather than a housing loan.
HDB
Where can I obtain my HDB Statement of account?
The most convenient method is to make a SingPass request from http://www.ecitizen.gov.sg . You can then use that SingPass to check on your HDB Outstanding Loan Statement at the HDB website http://www.hdb.gov.sg.
If the purchase price is higher than the valuation, can the difference be financed?
The difference must be paid by cash and no bridging loan can be granted for this amount.
What is the minimum downpayment?
The minimum downpayment is 20% of the purchase price, of which 5% must be paid in cash and the balance can be from your CPF savings.
Should I get my HDB housing loan from HDB or a bank?
It is normally better to take a HDB housing loan if you are eligible for one. However, in certain circumstances, a bank loan is advisable. For example, a bank loan is good when you are looking to sell your property within the next couple of years and the bank housing loan interest rate is lower than HDB's.
