3 Answers

Ivan Ng
Replied
Hi,

It also depends on your age, income and credit profile. Thanks and hope to assist further with your purchase.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
Facebook Page: www.facebook.com/ASAProp
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Tricia Tan
Replied
Hi good day.
Firstly, have u reached 35yrs old yet? You can choose to go online to apply a HLE first. Once you have your loan amount, we xan work out the rest of the details. Let me know if I can assist you in the entire process. You may reach me via 91442664  for a detailed discussion.
Tricia Tan
Propnex
 9144 2664  Read More
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Joanne Ang
Replied
Hi,

I was a Mortgage Broker for 5 years before becoming an estate agent.

I believe i can value add to your financial calculations.

Assuming a loan of Max 25 years tenure, up to the age of 65 years old whichever is earlier.

Assuming based on 40K annual income: self-employed, only 70% will be used for calculation: 40K x 70% = 28K

Assuming First time buyer and Singapore Citizen - Single grant of 15K can be applied based on HDB Approval.

For HDB: MSR of 30% has to be met instead of TDSR 60%, however once you meet MSR 30% you would have met the requirements of TDSR

Based on the above assumptions:

MSR applies: Monthly installment must be less than or equals to: (28K / 12) * 0.3 = 700 SGD

Max Loan:
- 155K

If you would like to have a firm confirmation, you can apply HLE from HDB website for a firm loan amount. HDB loan will have a higher loan to valuation.

Please feel free to contact me directly at +65 97990870  upon any enquiries and I will gladly be of service.

Wishing you an excellent day ahead and looking forward to your response soonest.

Thank you,
Joanne Ang
CEA REG: R056748I
M: 97990870 
E: joanne.ang@ga.com.sg Read More
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  • GS
    Replied
    Thank you for your detailed reply.

    I am 40 years old. I'm self employed annual income 40k and single.

    If my loan amount is roughly $155K, I have $74K in my Ordinary CPF. It is not enough to get a 3 room resale flat if I want to purchase it alone right?

    I have a partner (she is Singapore PR, she is 39) who earns $5200 a month, but she has only worked for 6 months. Does HDB take her income into consideration? We called and asked HDB, got different answers. Some say just submit 3 months income, some say not considered.

    If HDB consider her income, will it be based on 6 x $5200 or 12 x $5200 months? Will we exceed the $8500 cap for the Additional CPF Housing Grant (AHG)?

    She has $58K in CPF. We are looking for a 4 room resale flat.

    Thank you for your help!