Can you help to calculate my loan eligibility

To calculate your loan eligibility for a property in Singapore, you can use the tools and resources available on EdgeProp Singapore. Here’s a step-by-step guide to help you determine your loan eligibility:

Use the Quick Loan Check Tool

EdgeProp's Quick Loan Check tool allows you to check your borrowing capacity from multiple banks. Here’s what you need to do:

• Fill in your details such as age, employment status, annual income, types of income, monthly average gross income, and current monthly commitments for loans and credit cards.
• Once you enter the necessary information, you will receive a comprehensive report outlining your eligibility for various loan options, including your indicative loan amount, debt service ratio, and loan breakdown.

Consider Key Factors

Your loan eligibility is determined by several key factors:

• Total Debt Servicing Ratio (TDSR): This should not exceed 55% of your gross monthly income. It includes all your debt obligations such as mortgages, car loans, personal loans, and credit card debts.
• Loan-to-Value (LTV) Ratio: For a first private property, you can typically borrow up to 75% of the property's value if the loan term is 30 years or less and does not extend beyond age 65.
• Credit History: A good credit score is essential for securing favorable loan terms.
• Income Stability: Banks consider your fixed and variable income components.
• Internal Stress Test: Banks apply a stress test to ensure your repayment capacity remains within TDSR limits.

Utilize Additional Tools

EdgeProp also offers other tools that can help in your financial planning:

• Affordability Calculator: This helps you determine how much you can afford based on your income and financial obligations.
• Market Trends Tracker: This provides historical property data and sales volume to help you make informed decisions.
• HDB Lease Tool: If you are considering an HDB property, this tool can help calculate your HDB tenure.

By using these tools and considering the key factors mentioned, you can get a clear picture of your loan eligibility and make informed decisions about your property purchase.