Authored by the expert who managed and guided the team behind the Singapore Property Pack
Everything you need to know before buying real estate is included in our Singapore Property Pack
Yes, foreigners can get a mortgage in Singapore, but the process involves stricter requirements, higher upfront costs, and conservative loan limits compared to what locals face.
We constantly update this blog post to reflect the latest rules on stamp duties, lending policies, and bank practices in Singapore.
Singapore is one of the most regulated property markets in the world, so understanding the system before you start shopping is essential.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Singapore.
Can foreigners get a mortgage in Singapore right now?
Can a foreigner get a residential mortgage in Singapore right now?
Yes, foreigners can generally get a bank mortgage in Singapore for private residential properties like condominiums and apartments, though approval tends to be more document-heavy and loan amounts are often more conservative than for local buyers.
Foreigners with Permanent Resident status, Employment Pass holders, or S Pass holders working in Singapore typically have the easiest access to mortgages because banks can verify their income and residency status more easily.
The most common restriction banks impose on foreign applicants in Singapore is a reduced maximum loan-to-value ratio, meaning you will need to bring more cash upfront compared to a Singapore citizen buying the same property.
By the way, we have a whole document dedicated to mortgages for foreigners in our property pack about Singapore.
Can I get a mortgage in Singapore without residency?
It is possible to get a mortgage in Singapore without residency, but it is significantly harder and banks will apply stricter underwriting standards to your application.
In Singapore, Permanent Residents and Employment Pass or S Pass holders generally qualify for mortgages with the best terms, while Dependant's Pass holders may qualify with a strong co-borrower, and pure non-residents face the toughest approval process.
For applicants without permanent residency in Singapore, banks most commonly require a larger down payment, more months of income documentation, and proof of substantial liquid reserves before approving a mortgage.
By the way, we've written a blog article detailing residency and citizenship options that exist when you buy property in Singapore.
Do banks require a local work contract in Singapore right now?
Banks in Singapore do not legally require a local work contract, but having one is the single biggest factor that increases your chances of mortgage approval because it makes income verification much simpler.
If you do not have a local work contract, banks in Singapore typically accept alternatives like foreign employment contracts, tax returns, audited business accounts, and several months of bank statements showing consistent income deposits.
When a local work contract is present, most banks in Singapore prefer to see at least 3 to 6 months of employment history with the current employer, though longer tenure generally strengthens your application.
Can self-employed foreigners qualify for a mortgage in Singapore?
Yes, self-employed foreigners can qualify for a mortgage in Singapore, but the process is slower and requires more documentation to prove income stability.
Banks in Singapore typically require self-employed applicants to show at least 2 years of consistent income history through tax returns, notices of assessment, and audited financial statements where available.
Is foreign income accepted for mortgages in Singapore right now?
Yes, many banks in Singapore accept foreign income for mortgage applications, especially international banks that are set up to handle cross-border documentation.
When you earn income abroad, banks in Singapore typically require additional documentation such as more months of bank statements, employment contracts translated into English, tax filings from your home country, and they may apply a currency buffer to account for exchange rate risk.
Can I buy a primary home (and an investment property?) with a mortgage in Singapore as a foreigner?
Yes, foreigners can obtain a mortgage for a primary home in Singapore, provided they are buying a private condominium or apartment and meet the bank's income and documentation requirements.
Foreigners can also obtain a mortgage for an investment property in Singapore, but the financial math is significantly affected by the Additional Buyer's Stamp Duty (ABSD), which currently stands at 60% for foreign buyers and must be paid upfront in cash.
If you're buying for investment, you might want to check our blog article about buying and renting out in Singapore.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Singapore versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
What are the eligibility rules banks actually use in Singapore?
What minimum monthly income do I need in Singapore as of 2026?
As of early 2026, there is no official minimum income set by law, but to comfortably qualify for a S$1 million loan (about USD 740,000 or EUR 680,000), you typically need around S$10,000 to S$12,000 (USD 7,400 to 8,900 or EUR 6,800 to 8,200) in gross monthly income.
In practice, most approved borrowers in Singapore fall into the S$8,000 to S$20,000 monthly income range (USD 5,900 to 14,800 or EUR 5,400 to 13,600), depending on the property price and loan size they are seeking.
The minimum income requirement in Singapore scales directly with your loan amount because banks must ensure your total debt payments stay within the Total Debt Servicing Ratio (TDSR) cap, which is 55% of your gross monthly income.
Yes, banks in Singapore allow combining household incomes from multiple applicants, such as spouses, to meet the minimum threshold and qualify for a larger loan amount.
What debt-to-income limit do banks use in Singapore right now?
Banks in Singapore must cap your total monthly debt payments at 55% of your gross monthly income under the Total Debt Servicing Ratio (TDSR) framework, and they stress-test your affordability using an interest rate floor of at least 4%.
When calculating your debt-to-income ratio in Singapore, banks include all existing debts such as car loans, credit card minimum payments, student loans, personal loans, and any other mortgage payments you are already making.
Do I need a local credit score in Singapore right now?
Having a local credit score in Singapore helps because banks can quickly verify your payment behavior, but foreigners often start with a thin credit file and can still get approved based on income and reserves.
Banks in Singapore may accept foreign credit reports as supplementary information, but they typically prioritize verifying your income, employment stability, and liquid assets over relying on an overseas credit score.
Do banks require a local guarantor in Singapore right now?
Banks in Singapore usually do not require a local guarantor for foreign mortgage applicants if your income, down payment, and documentation are strong enough to meet their credit criteria.
A guarantor becomes more likely to be requested in Singapore when your residency status is weak (such as non-resident), your income is volatile or hard to verify, or you are close to the affordability limits under the TDSR stress test.
If a guarantor is required in Singapore, they typically need to have stable income, a clean credit history, and sufficient financial standing to cover the loan if you default.
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How much cash do I need upfront in Singapore as of 2026?
What's the minimum down payment in Singapore right now?
Foreign buyers in Singapore typically need a minimum down payment of at least 25% of the property price, and often more if the bank applies a lower loan-to-value ratio based on your risk profile.
Across different banks and buyer profiles in Singapore, down payment requirements realistically range from 25% to 40% or more, depending on your residency status, income source, and the bank's internal credit policies.
A foreign buyer in Singapore might secure a lower down payment requirement if they have Permanent Resident status, strong local income, a long banking relationship with the lender, or are purchasing a lower-risk property type.
However, the real cash shock for foreigners in Singapore is not the down payment itself but the Additional Buyer's Stamp Duty (ABSD), which currently stands at 60% for foreign buyers and must be paid in cash on top of the regular Buyer's Stamp Duty.
What loan terms can I realistically get in Singapore as of 2026?
What mortgage interest rates are typical in Singapore as of 2026?
As of early 2026, mortgage interest rates in Singapore for foreigners typically range from around 3.5% to 4.5% for floating-rate loans (priced as SORA plus a bank spread) and similar or slightly higher for short-term fixed-rate packages.
The factors that most significantly influence your interest rate in Singapore include your loan size, whether you bring deposits or salary crediting to the bank, the lock-in period you choose, and current market conditions for SORA.
Foreigners in Singapore generally receive similar interest rates to local residents on paper, but the real cost difference comes from the larger down payment requirements and the massive ABSD that foreigners must pay upfront.
The interest rate is one of the factors we look at when assessing whether now is a good time to buy a property in Singapore.
Are fixed-rate mortgages available in Singapore right now?
Yes, fixed-rate mortgages are widely available to foreigners in Singapore, and most major banks offer them as a standard product alongside floating-rate options.
In Singapore, fixed-rate periods are typically short, usually 1 to 5 years, after which the loan reverts to a floating rate tied to SORA or the bank's board rate, so true long-term fixed rates (10, 15, or 20 years) are uncommon.
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Singapore. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
How do I maximize approval chances in Singapore right now?
What financial profile gets "yes" fastest in Singapore right now?
The ideal financial profile for fast mortgage approval in Singapore is a Permanent Resident or Employment Pass holder with stable salaried income credited locally, low existing debt, a down payment of 30% or more, and several months of liquid reserves.
Banks in Singapore consider ideal applicants to have a gross monthly income of at least S$10,000 to S$15,000 (USD 7,400 to 11,100 or EUR 6,800 to 10,200) with a debt-to-income ratio well below the 55% TDSR cap after stress testing.
The employment type most favored by banks in Singapore is permanent salaried employment with at least 6 to 12 months of tenure at your current employer, as this provides stable and easily verifiable income.
A down payment of 30% or more typically signals a strong applicant profile in Singapore because it reduces the bank's risk and can help you negotiate better pricing or faster approval.
We give more detailed tips in our pack covering the property buying process in Singapore.
What mistakes make foreigners get rejected in Singapore right now?
The most common mistake that leads to mortgage rejection for foreigners in Singapore is assuming that today's promotional interest rate determines how much they can borrow, when in fact banks stress-test affordability at a 4% floor rate, which significantly reduces the approved loan amount.
The financial red flag that most often disqualifies foreign applicants in Singapore is underestimating total upfront cash needs by forgetting to budget for the 60% ABSD on top of the down payment, which can leave applicants looking cash-strapped and risky to lenders.
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Which banks say yes to foreigners in Singapore right now?
Which banks are most foreigner-friendly in Singapore as of 2026?
As of early 2026, the banks considered most foreigner-friendly for mortgages in Singapore include the local big three (DBS, UOB, and OCBC) as well as international banks like HSBC and Standard Chartered that actively market to cross-border buyers.
What makes these banks more accessible to foreign applicants in Singapore is their experience handling international income documentation, their willingness to consider non-SGD income sources, and their established processes for cross-border borrowers.
Which banks accept non-resident borrowers in Singapore right now?
Some banks in Singapore accept non-resident borrowers on a case-by-case basis, including HSBC, Standard Chartered, and occasionally the local banks for large loan amounts with strong financial profiles.
For non-resident applicants in Singapore, these banks typically impose additional requirements such as a larger down payment (often 40% or more), higher liquid reserves, comprehensive income documentation, and sometimes an existing banking relationship.
Do international banks lend more easily in Singapore right now?
International banks in Singapore can sometimes lend more easily to foreigners, mainly because they are structurally better equipped to verify and process cross-border income and documentation.
International banks with a presence offering mortgages to foreigners in Singapore include HSBC, Standard Chartered, and Citibank, all of which have retail mortgage products and experience with international clients.
The main advantage of using an international bank for a mortgage in Singapore is their familiarity with foreign income sources, multi-currency documentation, and global banking relationships, which can speed up approval for cross-border buyers.
We made this infographic to show you how property prices in Singapore compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Singapore, we always rely on the strongest methodology we can... and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why it's authoritative | How we used it |
|---|---|---|
| Inland Revenue Authority of Singapore (IRAS) - ABSD | IRAS is Singapore's official tax authority for stamp duty rates. | We used it to confirm the 60% ABSD rate for foreigners. We also used it to explain why upfront cash needs are unusually high for non-residents in Singapore. |
| IRAS - Buyer's Stamp Duty (BSD) | This is the official page for BSD applying to all Singapore property buyers. | We used it to explain the baseline stamp duty everyone pays. We used it to build a realistic upfront cash checklist for foreign buyers. |
| Singapore Land Authority (SLA) | SLA administers rules under the Residential Property Act. | We used it to clarify what foreigners can legally buy in Singapore. We used it to explain approval requirements for landed property and Sentosa Cove. |
| MAS/MND/HDB Joint Press Release | This is the official multi-agency policy document on mortgage prudence rules. | We used it to confirm the 4% stress-test interest rate floor. We used it as the backbone for explaining TDSR and how banks assess affordability. |
| Monetary Authority of Singapore - Interest Rates | MAS is the benchmark administrator and publisher for SORA. | We used it to define SORA and explain floating-rate mortgage pricing. We used it to anchor the explanation of why most Singapore mortgages are SORA-linked. |
| DBS Bank - Home Loans | DBS is one of Singapore's three major local banks. | We used it to describe common mortgage package structures. We used it to explain fixed versus floating rates, lock-ins, and repricing options. |
| UOB - SORA Home Loan | UOB is a major local bank with strong SORA product positioning. | We used it to explain how 3-month compounded SORA works for home loans. We used it to support the section on floating-rate mortgages and rate risk. |
| HSBC Singapore - Buying Property | HSBC is a major global bank with cross-border mortgage expertise. | We used it to support that some banks are set up for cross-border borrowers. We used it to shape the non-resident and international bank discussion. |
| Standard Chartered - SORA Mortgage | Standard Chartered is a major international bank in Singapore. | We used it to cross-check that international banks offer SORA-linked packages. We used it to frame bank options beyond the local big three. |
| Channel NewsAsia (CNA) | CNA is a major national newsroom reporting on policy changes. | We used it to provide clear context on the ABSD increase to 60%. We used it only as secondary confirmation alongside IRAS as the primary source. |
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