1. What is a House Loan Calculator for Singapore?

Definition: This calculator computes monthly mortgage payments for Singapore property loans using the standard amortization formula.

Purpose: It helps homebuyers in Singapore estimate their monthly housing loan payments and understand the total cost of borrowing.

2. How Does the Calculator Work?

The calculator uses the formula:

Where:

• \( M \) — Monthly payment (SGD)
• \( P \) — Loan principal amount (SGD)
• \( r \) — Monthly interest rate (annual rate divided by 12)
• \( n \) — Total number of payments (loan term in years × 12)

Explanation: This formula accounts for both principal repayment and interest charges over the loan tenure.

3. Importance of Mortgage Calculation

Details: Accurate mortgage calculations help Singapore homebuyers budget effectively, compare loan packages, and understand long-term financial commitments.

4. Using the Calculator

Tips: Enter the loan amount in SGD, annual interest rate (typical Singapore rates range 1.5-3.5%), and loan tenure (typically 25-30 years in Singapore).

5. Frequently Asked Questions (FAQ)

Q1: What's the typical home loan tenure in Singapore?
A: Most HDB loans go up to 25 years, while private property loans can extend to 30-35 years (subject to age limits).

Q2: How does Singapore's interest rate compare?
A: Singapore home loan rates are typically pegged to SIBOR/SOR or bank board rates, currently around 2-3% p.a.

Q3: Are there additional costs not included?
A: Yes, this doesn't include insurance, property taxes, or maintenance fees which are significant in Singapore.

Q4: What's the maximum loan amount in Singapore?
A: For HDB flats, the Loan-to-Value (LTV) limit is 75-80%. Private properties have 55-75% LTV limits.

Q5: How does TDSR affect my loan in Singapore?
A: Total Debt Servicing Ratio (TDSR) limits your monthly debt payments to 55% of gross income in Singapore.