What You Should Know About Housing Loans – Eligibility

Eligibility

Am I eligible for a housing loan?

Banks have eligibility criteria for prospective borrowers which include:

  • minimum income
  • minimum and maximum age
  • minimum loan quantum
  • residency status
  • fulfilmentoftheMonetaryAuthorityofSingapore’spropertyloanrulesand the bank’s internal credit requirements

Am I eligible if I am self-employed or do not have a regular income?

You must demonstrate the ability to service monthly repayment instalments to be eligible for a loan. Each bank will assess your eligibility based on its criteria.