Recently, we have been receiving requests from our users that they would like to know how much loan they can borrow based on their current household income and expenditure. Hey, I would like to know if I can afford another property too. It seems like the market has somehow slowed down due to cooling measures, perhaps its time to start looking around….
Our Mortgage Planner or we call it Mortgage Affordability Calculator provides an estimate on how much you can borrow based on your age, number of borrowers (maximum 2 in this case), whether you have an outstanding mortgage (not forgetting second mortgage is 60% with the new ruling), and as well as your monthly expenditure.It gives you an estimate of your Loan Amount, LTV, Cash Down-payment required, CPF down-payment, Stamp Duty and legal fees as well.
The good things about this calculator are that you can play around with the dynamic fields to reduce your LTV or cash requirements. However, this calculator only applies to HDB or Private Residential Properties only. For commercial property, it is another dimension all together so let’s not go into that at the moment. But please use this as an estimate only, most of the banks have their own methods of calculation.
What we present here is the most common way of calculation. The idea here is to let you have a first-hand knowledge of your financial status. Of course, once you have decided to purchase a property it is best to consult a banker to work out the actual projects. For this, we can definitely help you as well. We welcome feedback and suggestion to further enhance the calculator.
Last but not least, the calculator is under the “New Mortgage” tab page. It says: “Like to know your mortgage affordability?