• Home Loan Eligibility

    Home Loan BYTES FROM OUR KITCHEN

    Home Loan Eligibility

    Buying a home is one of the dreams shared by millions of people around the globe. You can always stay in a rented accommodation or even stay as a paying guest but you will never feel the same amount of security that you can feel by staying at your own place. By becoming a homeowner you can secure your future and the future of your family as you will ensure that you and your loved ones always have a roof over your heads. If you do not have a home of your own, or if you want to purchase an additional home, you will most likely need to apply for a home loan to acquire the funds needed for purchasing the house of your choice. Before applying for a home loan, you need to first understand home loan eligibility in Singapore so that you can determine if you are eligible for the home loan products offered by various banks and financial institutions in the country.

    Home Loan Eligibility Criteria

    The eligibility criteria for a home loan in Singapore differs from one bank to the other and it depends on a range of factors. If you are planning to purchase an HDB flat, the eligibility criteria will be in accordance with the rules set by the Housing Development Board (HDB) of Singapore. The banks might also set a few other criteria of their own when you opt for a home loan for the purchase of an HDB flat. On the other hand, if you purchase a private property, the eligibility criteria will be in accordance with the rules set by the banks themselves.

    For an HDB Flat, the eligibility criteria are given below:

    • The applicant should qualify for a new HDB flat under any of these 3 schemes offered by the Housing Development Board:
    • Orphans Scheme
    • Fiancé / Fiancée Scheme
    • Public Scheme
    • At least one of the applicants should be a citizen of Singapore
    • At least one more citizen or a permanent resident of Singapore
    • Households in which there is only a single citizen of Singapore and one or more permanent residents of the country will need to pay an amount of SGD 10,000 as a premium when they purchase the flat.
    • If you want to purchase a flat which is 4-room or bigger, you should have an average gross monthly income of minimum SGD 12,000.
    • If you want to purchase a flat which is 4-room or bigger for a multi-generational or extended family, you should have an average gross monthly income of minimum SGD 18,000.
    • If you want to purchase a flat which is 3-room, the income ceiling will defer from one project to the other and will be announced through press releases.
    • Only citizens and permanent residents of Singapore are eligible for purchasing an HDB flat.

    Home Loan Eligibility According to Banks

    1. DBS Bank Home Loan Eligibility

    • DBS HDB Loan:
      • You should have an existing home loan with any of the bank / financial institution in Singapore or with the Housing Development Board in Singapore.
      • You should be a new owner of a completed HDB flat.
      • The minimum loan amount applied has to be SGD 100,000
    • DBS Renovation Loan:
    • You should be a Permanent Resident or a Citizen of Singapore
    • You should be minimum 21 years old but not more than 65 years old.
    • You should own the property that has to be renovated.
    • You should have an annual income of minimum SGD 24,000

    2. OCBC Bank Home Loan Eligibility

    • For HDB Flats
      • The eligibility criteria is same as the ones set by the Housing Development Board.
    • Private Property
      • Apart from citizens and permanent residents of Singapore, foreigners are also eligible for a private property loan from OCBC Bank.

    3. UOB Bank Home Loan Eligibility

    You will be eligible for an HDB Home Loan from UOB even if:

    • You are the owner of a private property
    • The total monthly income of your household is above SGD 8,000
    • You are not going to upgrade to a bigger flat
    • You have availed concessionary interest rates from the Housing Development Bank in the past
    • You qualify for an HDB Concessionary Loan

    4. Bank of China Home Loan Eligibility

    • The applicant must be aged between 21 to 65 years.
    • The applicant must have a minimum income of S$24,000 per annum.
    • Singapore citizens and permanent residents are eligible to apply for a home loan. In the case of foreigners, the income criterion can be slightly higher, and the application would be processed in a case to case basis.

    5. HSBC Bank Home Loan Eligibility

    6. Citibank Home Loan Eligibility

    7. Standard Chartered Home Loan Eligibility

    The eligibility conditions for a home loan from Standard Chartered Bank differ depending on the type of loan scheme that you are applying for.

    • The eligibility criteria for HDB Bridging Loan is as follows.
    • The applicant should be aged between 21 to 65 years.
    • The applicant must be a Singapore citizen or permanent resident who is going to purchase an HDB flat or private property.
    • The applicant should be purchasing an additional property from the HDB resale market or directly from the HDB.
    • The maximum tenure of HDB Bridging loan is 6 months.
    • First-time buyers and contra-transactions between buyers do not qualify.
    • The eligibility criteria for Home Suite are as follows:
      • The applicant should have no outstanding home loans and should be aged between 21 and 65 years.
      • The minimum annual income requirement is SGD 30,000 for permanent residents of Singapore and SGD 36,000 for foreigners.

    8. RHB Bank Home Loan Eligibility

    • The applicant should be a citizen of Singapore or a permanent resident of the country.
    • The age of the applicant must be a minimum of 21 years.
    • The annual income of the applicant must be a minimum of SGD 24,000 per annum.

    9. Maybank Home Loan Eligibility

    • The applicant should be a citizen or a permanent resident of Singapore, or a foreigner with valid work permits.
    • The applicant should be minimum 21 years of age.

    10. CIMB Bank Home Loan Eligibility

    • CIMB HDB Home Loan
      • The applicant should be 21 years or above
      • Any of the applicants must have a minimum annual income of SGD 24,000
    • CIMB Private Home Loan
      • The applicant should be 21 years or above
      • Any of the applicants must have a minimum annual income of SGD 24,000

    11. ANZ Bank Home Loan Eligibility

    • The applicant should be a citizen or a permanent resident of Singapore
    • The applicant could be a foreigner working in Singapore with valid work permits
    • Residents of the following countries who aren’t residents of Singapore are also eligible – Taiwan, Malaysia, China, Dubai, Cambodia, Hong Kong, Fiji and Philippines

    12. POSB Bank Home Loan Eligibility

    A POSB HDB Home Loan is available for the following individuals:

    • Individuals who are HDB owners and have existing loans with the Housing Development Board or any other banks or financial institutions
    • New HDB owners who have completed flats
    • Minimum loan amount of SGD 100,000 is applicable

    Some of the banks in Singapore do not provide information about the eligibility criteria for their home loans. You will need to contact a home loan specialist of the bank to find out if you will be eligible for the home loan product that they offer.

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