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Frequently Asked Questions
Information to help you begin
These questions cover the essential topics most clients ask when starting their home or business loan journey. They’re here to help you understand the basics, feel more confident, and know what to expect before we guide you further.
How do I know how much I can borrow?
Your loan amount depends on factors such as income, existing debts, age, and property type. Banks use the Total Debt Servicing Ratio (TDSR) to assess whether your monthly debt obligations stay within regulatory limits.
What is TDSR and why is it important?
TDSR (Total Debt Servicing Ratio) limits how much of your monthly income can be used to repay all debts, including the home loan. Most borrowers in Singapore must stay within a TDSR threshold of 55%, which affects the maximum loan they can get.
What is LTV and how does it affect my down payment?
LTV (Loan-to-Value ratio) determines the maximum percentage of a property’s price that can be financed by the bank. A lower LTV means a higher cash or CPF down payment is required.
What is the difference between fixed-rate and floating-rate home loans?
A fixed-rate loan keeps the interest rate unchanged for a set period. A floating-rate loan varies based on market benchmarks, such as SORA (Singapore Overnight Rate Average). The choice depends on your preference for stability or flexibility.
Can I use CPF to pay for my home loan?
Yes. CPF Ordinary Account (OA) funds can be used for the down payment, stamp duties, and monthly instalments, subject to CPF housing usage limits.
What documents do I need for a loan application?
Banks generally require income documents (CPF statements, payslips, or NOA for self-employed individuals), identification, property details, and existing loan statements.
How long does a loan approval usually take?
A bank typically issues an Approval-in-Principle (AIP) within a few days after reviewing your financial documents. The exact timing depends on document completeness and bank processing.
What happens if interest rates increase after I take a loan?
If you are on a floating-rate package, your monthly instalments may change when benchmark rates move. Fixed-rate packages remain unchanged during the fixed period, regardless of market shifts.
Can I refinance my loan later, and when should I consider it?
Yes. Refinancing is the process of switching to another bank to obtain a lower rate or more suitable terms. Borrowers typically review refinancing options when the lock-in period is ending or when current rates differ from existing loan terms.