How much can I loan?

[marc2050]

Hi.

If I make 10k a month. how much can I loan from the bank?
I'm looking to loan for 30 years and maximize my loan ability.
Is there a way to calculate how much I can loan based on my income
and how long I wish to borrow? I need to know this so I can budget what kind of property I can afford to look at.

Thanks.

[devilplate]

Hi.

If I make 10k a month. how much can I loan from the bank?
I'm looking to loan for 30 years and maximize my loan ability.
Is there a way to calculate how much I can loan based on my income
and how long I wish to borrow? I need to know this so I can budget what kind of property I can afford to look at.

Thanks.

speak to a few bankers now n request for a loan in princple approval...they will tell u how much loan u qualify

[Cyberknight]

Talk to a bank relationship officer. No obligation even if in the end, u are not borrowing from them. Bec ur credit standing, credit card limits, car loan and the type of job u are doing etc are factors which will affect the loan quantum.

[rattydrama]

https://www.loanguru.com.sg/mortgage_calculators

this should be helpful.
the key factors that determine your loan amount will be: car loan, outstanding mortagages loan, credit card credit standing and your income tax/income source.

[proud owner]

Hi.

If I make 10k a month. how much can I loan from the bank?
I'm looking to loan for 30 years and maximize my loan ability.
Is there a way to calculate how much I can loan based on my income
and how long I wish to borrow? I need to know this so I can budget what kind of property I can afford to look at.

Thanks.

earlier this yr when i checked with one bank.... they didnt care whats my mthly income ...no need pay slip...dint ask if i have any other financing

just ask to see my bank acc statement ... and approved my loan

from from what i understand... as long as you have cash in the bank..enough to service 24 mths ... even if this $ is to be used as part for the cash portion ...

say if you have 150k ... you can take a loan ..where you mthly payment is $6250 and below... but what is important is that this 150k is enuff to pay the cash portion

[hopeful]

earlier this yr when i checked with one bank.... they didnt care whats my mthly income ...no need pay slip...dint ask if i have any other financing

just ask to see my bank acc statement ... and approved my loan

from from what i understand... as long as you have cash in the bank..enough to service 24 mths ... even if this $ is to be used as part for the cash portion ...

say if you have 150k ... you can take a loan ..where you mthly payment is $6250 and below... but what is important is that this 150k is enuff to pay the cash portion

is it a foreign bank like Cxxxbank?
because my relative recent purchase of Clift has similar experience.
They didnt even ask for any supporting documents at all, no income, no FD, My relative didnt even have any money in Cxxxbank....I was quite surprised.
Perhap they checked Credit Bureau and see that my relative's has a few other condos.
Maybe DP 40% together quantum being small, is OK for Cxxxbank.

[ysyap]

Hi.

If I make 10k a month. how much can I loan from the bank?
I'm looking to loan for 30 years and maximize my loan ability.
Is there a way to calculate how much I can loan based on my income
and how long I wish to borrow? I need to know this so I can budget what kind of property I can afford to look at.

Thanks.

They will look at what other financial committment you have, like car loans or any other housing loan. If no other committment, at 10k per month, you can potentially loan up to 1.2m or even 1.3m. This is just preliminary estimate. I'm not a banker so its better to ask one!!!

[teddybear]

Wah which bank is that? Those that I know of want a lot of records to show affordability. Where got so easy to borrow one?

earlier this yr when i checked with one bank.... they didnt care whats my mthly income ...no need pay slip...dint ask if i have any other financing

just ask to see my bank acc statement ... and approved my loan

from from what i understand... as long as you have cash in the bank..enough to service 24 mths ... even if this $ is to be used as part for the cash portion ...

say if you have 150k ... you can take a loan ..where you mthly payment is $6250 and below... but what is important is that this 150k is enuff to pay the cash portion

[hopeful]

Wah which bank is that? Those that I know of want a lot of records to show affordability. Where got so easy to borrow one?

you can try Cxxxbank. No documents required from my relative beyond submitting identification and loan application forms.
By my relative is paying 40% DP, on a low quantum of around $1mil.
so should be exception rather than norm?

a little bit scared by action of Cxxxbank. When lending standards become more lax, usually sooner than later, bubble burst.

[proud owner]

you can try Cxxxbank. No documents required from my relative beyond submitting identification and loan application forms.
By my relative is paying 40% DP, on a low quantum of around $1mil.
so should be exception rather than norm?

a little bit scared by action of Cxxxbank. When lending standards become more lax, usually sooner than later, bubble burst.

it was ST CH BK

the prop i enquired was 2.1 mio and i asked for 70 % loan ... the estimated mthly repayment was like 5k ... and they wanted to see that i had more than 120k ....thats all .....

when i showed the statement ... they said that it was not a problem and that i could borrow more ... or .. buy something that cost more than 2.1 mio

i was quite surprised actually ..

[CondoSearch]

10K per month, from my experience with a quick check with banks they can offer as high as 1.8mil (verbally quoted by banker) but when come to reality, they are couple factors involved as mentioned by some of members here here... foreign bank might get more stricter and need more documents than local bank...

if you are self employ or have own business without CPF contribution then better check in detail as well... sometime they offer lower loan % for this category.. again this is based on my experience the best still to check with banker..good luck

[land118]

10K per month, from my experience with a quick check with banks they can offer as high as 1.8mil (verbally quoted by banker) but when come to reality, they are couple factors involved as mentioned by some of members here here... foreign bank might get more stricter and need more documents than local bank...

if you are self employ or have own business without CPF contribution then better check in detail as well... sometime they offer lower loan % for this category.. again this is based on my experience the best still to check with banker..good luck

Ironically, HDB also 10K/mth- can only buy EC. Private 10k/mth - 1.8m - private condo..

[teddybear]

Wah you rich mah - Show bank statement only can borrow more!

They ask me working or not, I say no. Then they see me wear singlet and slippers and don't want to lend me! Show them statements? How? Teach them what investments to buy and them rich mah? (I don't have much cash one lah, earn 0.1% in bank mah? All tie up in all forms of investments only), so have pay in cash (after liquidating some investments) lor!

it was ST CH BK

the prop i enquired was 2.1 mio and i asked for 70 % loan ... the estimated mthly repayment was like 5k ... and they wanted to see that i had more than 120k ....thats all .....

when i showed the statement ... they said that it was not a problem and that i could borrow more ... or .. buy something that cost more than 2.1 mio

i was quite surprised actually ..

[teddybear]

[deleted. duplicate post]

it was ST CH BK

the prop i enquired was 2.1 mio and i asked for 70 % loan ... the estimated mthly repayment was like 5k ... and they wanted to see that i had more than 120k ....thats all .....

when i showed the statement ... they said that it was not a problem and that i could borrow more ... or .. buy something that cost more than 2.1 mio

i was quite surprised actually ..

[CondoSearch]

Ironically, HDB also 10K/mth- can only buy EC. Private 10k/mth - 1.8m - private condo..

thought it is your choice to go with Private of EC ..... i miss something here?

[teddybear]

Different lah, HDB & ECs for those conservative ones, but conservative ones usually die poor without much money because money all put in banks earning 0.1% interest!

Furthermore, income from job is just that - income. Those resourceful ones got side jobs and side investments, use money to make more money (those are the clever ones)! Conservatives people will never understand.

Ironically, HDB also 10K/mth- can only buy EC. Private 10k/mth - 1.8m - private condo..

[acidic.straw]

For your own sake, just chk your cash portion of the loan don't exceed 1/3 of your income..and this includes other loans you have.

[devilplate]

Wah you rich mah - Show bank statement only can borrow more!

They ask me working or not, I say no. Then they see me wear singlet and slippers and don't want to lend me! Show them statements? How? Teach them what investments to buy and them rich mah? (I don't have much cash one lah, earn 0.1% in bank mah? All tie up in all forms of investments only), so have pay in cash (after liquidating some investments) lor!

So jialat meh?

U got rental income rite....and if u borrow 60% only, surely can borrow one...if not 50% loan lor....definitely approved

[hopeful]

Wah you rich mah - Show bank statement only can borrow more!

They ask me working or not, I say no. Then they see me wear singlet and slippers and don't want to lend me! Show them statements? How? Teach them what investments to buy and them rich mah? (I don't have much cash one lah, earn 0.1% in bank mah? All tie up in all forms of investments only), so have pay in cash (after liquidating some investments) lor!

Hehe, you telling us you pay cash in full?
Not so subtle hint telling us you are rich, no need to take loan for Orchard properties

[ysyap]

Ironically, HDB also 10K/mth- can only buy EC. Private 10k/mth - 1.8m - private condo..

HDB more kiasu mah!!! Don't allow you to borrow more than you can manage and HDB don't question if you have car loans, etc... Private banks more practical. They'll conduct checks on your financial committment! Then again I don't think with 10k/mth can bring you $1.8m loan. Maybe its $1.8m property and after 80%LTV = $1.44m if no other financial committment!

[teddybear]

As I said, now the worst thing to do is to hold paper money (CASH). So all rental income immediately invested into money generating assets. Don't want to let these banks loan brokers / RMs etc see my portfolio mah, why should I let them see? They sure follow one.

So jialat meh?

U got rental income rite....and if u borrow 60% only, surely can borrow one...if not 50% loan lor....definitely approved