If you are thinking on applying a bank loan, your combined financial obligations will be considered for the tabulation of the maximum amount that you can loan.
Total Debt Servicing Ratio or TDSR can be defined as a debt measuring service that gives the lender a thorough assessment so that the most fitting decision can be made especially if the borrower has several commitments to pay off prior to the application of the loan.
Since you already have an idea on how TDSR works to the lender’s as well as the borrower’s advantage, now is the best time to present some of the basics that you should not forget before you settle the EOI or better known as the Expression of Interest with the condo developer.
- In purchasing a condo unit in Singapore, you ought to access the CPF site by means of your Singpass login so you can check how much CPF you can use for your next purchase.
- You have got to check out the maximum value that the bank will allow you to borrow based on a wide range of properties that you have acquired under your name.
- You need to seek out assistance from a reliable banker so you will be guided accordingly on how much you can borrow depending on your present financial obligations together with your assets portfolio.
- You should be fully aware to which ABSD category you belong to.
- You must realize how the balloting system works to your advantage as well as the Normal Progressive Payment Scheme.