It is essential to get your loan pre-approved before you start to look for a home.
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The recommended guide for your monthly mortgage payment should not exceed 50% of your monthly salary.
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The Mortgage Servicing Ratio for housing loans granted by both HDB and financial institutions is capped at 30% of a borrower’s gross monthly income.
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A good decision making process for buying a home within your means is to choose your home first, commit to buy, then calculate your funds required.
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There are CPF housing limits on the amount of CPF savings you can use for home purchase.
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