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SingSaver.com.sg is your go-to website for finding credit cards and personal loans in Singapore. Use our comparison tools to get unbiased, up-to-date information on personal finance products.
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Yes. Taking a personal loan for education will increase your Total Debt Servicing Ratio (TDSR), as it is considered a type of unsecured debt. The TDSR is capped at 60% of your income, and includes mortgage repayments. This means that taking on more unsecured debt will reduce the size of the mortgage you can apply for.
When applying for a personal loan for education, be aware that your TDSR will remain elevated for the duration of your loan tenor. Therefore, you should plan to pay off your personal loan before buying an HDB flat or condo to ensure the best chance of getting the mortgage you need.
You can get a personal loan from all major banks in Singapore. We suggest comparing different personal loan options and applying for one with the lowest interest rate. This saves you a lot of money on interest payments.
Besides comparing interest rates, see if you can also find a loan with processing fee waivers, promotional rates, and other welcome offers. These bonuses can go a long way into helping you save money and lighten the load of your monthly repayments.
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