1. What is DBS Home Loan Eligibility?

The DBS Home Loan Eligibility Calculator helps determine how much you can borrow for a property in Singapore based on your income, monthly repayment ability, and current interest rates. DBS requires a minimum annual income of SGD 30,000 to qualify for their home loans.

2. How Does the Calculator Work?

The calculator uses the standard loan formula:

Where:

• \( P \) — Principal loan amount (SGD)
• \( PMT \) — Affordable monthly payment (SGD)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Loan term in months (years × 12)

Explanation: The formula calculates the maximum loan amount you can take based on what you can afford to pay monthly, considering the interest rate and loan duration.

3. Importance of Loan Eligibility

Details: Knowing your eligible loan amount helps in property budgeting and ensures you don't overcommit financially. It's the first step in property planning in Singapore.

4. Using the Calculator

Tips: Enter realistic monthly payments you can afford, current interest rates offered by DBS, desired loan term, and your annual income. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum income for DBS home loans?
A: SGD 30,000 per annum is the minimum income requirement for DBS home loans in Singapore.

Q2: How does DBS determine loan eligibility?
A: DBS considers your income, existing financial commitments, credit score, and the property value when assessing loan applications.

Q3: What is the maximum loan tenure?
A: Typically up to 30 years or until age 65, whichever is shorter, but depends on property type and borrower's age.

Q4: Are there other fees involved?
A: Yes, there may be processing fees, legal fees, and valuation fees. The calculator only estimates the loan principal amount.

Q5: Does this guarantee loan approval?
A: No, this is only an estimate. Final approval depends on DBS's full assessment of your financial situation.