| Loan | First Loan | Second Loan | Third Loan | ||||||
| Age | Up to 65 | Up to 70-75 | Up to 70-75 | Up to 65 | Up to 70-75 | Up to 70-75 | Up to 65 | Up to 70-75 | Up to 70-75 |
| Loan Tenure | Up to 30 years | Up to 30 years | 31-35 years | Up to 30 years | Up to 30 years | 31-35 years | Up to 30 years | Up to 30 years | 31-35 years |
| Maximum Loan To Value (LTV) Limit | 75% | 55% | 55% | 45% | 25% | 25% | 35% | 15% | 15% |
| Min Cash Down | 5% | 10% | 10% | 25% | 25% | 25% | 25% | 25% | 25% |
Senja Close EC Residential Housing Loan
There are many factors to consider when getting a Residential Housing Loan Singapore. The first is your monthly income. Many banks require borrowers to make at least S$24000 per month, although some will accept higher incomes or non-traditional sources of income. You should also be able to pay your credit card bills on time. The interest rate for your loan will depend on your monthly rest, so you should be aware of what you can afford.
Another factor to consider when applying for Senja Close EC Residential Housing Loan Singapore is your TDSR. This refers to the proportion of your monthly gross income that can be used to pay off your housing loan. For example, if you earn $11,000 per month and want to borrow $2,400 for an HDB flat, you must keep your TDSR below 30%. If you earn $40,000 per month, you can borrow up to $55,000. Taking out a loan against your TDSR is not recommended unless you are confident that you can make the repayments.
ABSD is another important factor to consider. If you are purchasing your first home at Senja Close EC, you do not need to worry about the ABSD, as this is waived for first-time homebuyers. The rate for second-time homebuyers is 17%. If you have a bad credit history, you can still obtain a Resential Housing Loan Singapore. You can expect to pay back about half the loan after three years, and that means you will save a lot of money.
You can get a Residential Housing Loan Singapore with a CPF Ordinary Account. While HDB loans are cheaper, you can use your CPF money as down payment instead. Bank loans require you to make the first five percent in cash, while HDB loans allow you to use up to ten percent of your CPF as a down payment. After this, your loan will become variable. Your interest rate will fluctuate according to the reference rate, which is usually the CPF Ordinary Account or the Singapore Interbank Offered Rate.
Most Singaporeans refinance their loans every two to four years, either because interest rates have gone down or because they find a better rate. However, you should beware of fees and restrictions, because these fees can eat up your savings in interest. When looking for a Resential Housing Loan, it is a smart idea to find a bank that offers competitive rates for both fixed and variable-rate loans. If you can afford the payment, refinancing is the best option.
The HDB offers two options for a Resential Housing Loan. The HDB Concessionary Loan can be obtained for up to 85% of the property’s value. The balance of fifteen percent can be paid in cash or through your CPF OA account. The maximum loan tenure is 25 years. However, borrowers should make sure they can afford to pay back the loan over the same time period, as this can increase interest rates.
All Co-borrowers must be mortgagors. Also there is a Total Debt to Servicing Ratio of 60% based on a Stress Test Interest Rate at 3.5%
More information on Senja Close EC
Senja Close EC information on the site plan and floor plans for the development will be available soon. Please also see the gallery as well as the video and e-brochure which will be uploaded here soon.
Disclaimer: The information listed above are strictly for your reference only and is by no means a conclusive and final representation of the units available. The chart is currently draft and is subjected to the final approval from the authorities. The developer and the salesperson is not responsible for the information reflected above and the information is strictly for entertainment purposes only. Please check with the direct developer sales team for more information for a more accurate representation. You can also register for a show flat viewing to get a better representation for the development for your consideration. Information on the elevation chart as well as the balance unit chart can be found here as well as at the showflat.
For financing, please see more info on the stamp duty as well as progressive payment schedule of the development. The prevailing loan information and criteria of other websites can be found here.