7 Answers

askguru expert
Hi Florence, thanks for writing to us on AskGuru.

Yes, income is definitely essential to apply a loan from a Bank. As per the current MAS guideline, for purchase a EC, the bank would access based on Mortgage Servicing Ratio (capped at 30%) and Total Debt Servicing Ratio (capped at 60%).

For EC grant eligibility, more information can be found on the following link: https://www.hdb.gov.sg/residential/buying-a-flat/new/schemes-and-grants/cpf-housing-grants-for-ecs

We advise you to speak to our financial home advisors and we will help you to access on the bank loan eligibility. Do feel free to Whatsapp us at: wa.me/6587695300 or https://www.propertyguru.com.sg/mortgage/contact

Hope this answers your question.

Best Regards,
Apple Tan
Team lead
PropertyGuru Finance Read More
askguru expert
Hi there, thanks for writing to us on AskGuru.

There isn't a minimum income for bank loan, however, there is a TDSR requirement. That said, any further financial pledging may help to bring up the financing loan amount available to you, your daughter and/or any other borrowers.

Because there're too many permutations or arrangements that isn't certain yet, you may like to check how much loan that you and/or daughter can borrow first.

With that in mind, the rest of the questions should all be able to be answered.

To do so, you may approach a bank for a non-obligatory In-Principle Approval IPA, to know the maximum loan you're eligible to.

Should you need to speak to our financial home advisors on how to put up a IPA, do feel free to Whatsapp us at: wa.me/6587695300 or https://www.propertyguru.com.sg/mortgage/contact

Hope this answers your question.

Best Regards,
Apple Tan
Team lead Read More
Hi Florence,

The amount of income required depends on the home loan required, but for new EC eligibility there is another regulation that the household income cannot exceed $16k per month for the application to be eligible.

One way to consider, based on the info shared, is to purchase the new EC under your daughter and son-in-law's name. If the finances of your daughter and son-in-law are strong enough, they can purchase the new EC under their own name, and you need not sell away the current HDB 5-room. This suggestion is also because of the line "Our 5 Room Flat Is Bought 2nd Time From Hdb" , which hints that you have purchased subsidized flat 2 times, hence this is also another indication that you may no longer be eligible for new EC purchase.

Finally, your son can't purchase HDB on his own sole name as he is single under 35 years old.

Perhaps we could have a chat to explore the best way to structure the property portfolio?

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever

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Hi Florence,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead.

Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
Hi Florence,

1) There is no minimum income requirement to apply for a new EC.
2) The limitation is only on the maximum income ceiling which is not exceeding $16,000.
3) According to MSR, the maximum loan you can receive around $1,060k if your monthly household income is around $16k.
4) If only using your husband's income to apply for a loan, I'm afraid the amount will be reduced by at least half because the nearer you reach 65, you will receive a lower loan.
5) Trivelis 3-room DBSS is sold from a range of $305k to $565k. Sure there is demand for DBSS due to a better design compared to normal HDB.
6) In order to be eligible to be listed as occupier of EC, the occupier is not allowed to own any property.
7) Only 1st timer is eligible for a grant. For your family case, there should not be any grant available.
8) You cannot be listed as occupier of an EC while keeping your HDB flat.
9) Your son is non-eligible for any resale flat at the moment until he reached 35 years old.

Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK

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Robbie Chen Chee Howe
Hi Florence,

There is no minimum income requirement to purchase a EC, or any other property. You can purchase a property even without any income.

If you're considering a brand new EC, there will be a household monthly income ceiling of $16,000.

Loan financing would be based on both the age and the income of all the borrowers for the property. The maximum loan is capped at 75% LTV of the property price (or valuation), and will be based on TDSR/MSR framework.

DBSS Trivelis is the only DBSS in Clementi, and demand is healthy.

Your Son does not qualify to own a HDB flat on his own. You can choose to keep hold of your 5RM flat for him to stay, as your Daughter may not require your names afterall to qualify for EC purchase.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More