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Hi,

For buying HDB flat, your loan is limited by MSR (Mortgage Servicing Ratio), in which only 30% of your gross income is allowed to use for monthly installment.

And yes, it is only based on the SC income as only SC can be the owner. Foreigner holding any passess can only be occupier, thus income is not under consideration for loan purpose.

Regardless of loaning from HDB or bank, the amount is about the small as both are using MSR calculation for the loan amount, which is governed by Ministry of Finance, no exception.

The main difference between HDB loan or bank loan is the startup, as bank maximum loan is up to 80% only, and 5% must be in cash.

HDB loan is up to 90%, and 10% can be from grant and CPF OA, which definitely helps in assisting lower income group.

Hope the above answer to your main concerns, but if there are more queries, do not hesitate and feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com

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