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The total expense is simply the sum of all housing expense to maintain a property plus non-housing debts that has to be paid regularly.
While this is a figure that lenders would no doubt be interested in when assessing home loan applications, borrowers should know that it is also a good reflection of how well the family unit is doing in terms of household income and household expense.
To factor in the total expense of a borrower, lenders often used the total expense ratio as part of the evaluation and assessment stages of the loan approval process.
It is calculated by dividing total expense with borrower income.
But this ratio alone does not carry a lot of weight these days as TDSR has become the focal point since it was introduced into the Singapore mortgage market.
However the total expense ratio still often makes an appearance during loan qualification or the pre-approval phase.
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