Staying in a condominium feels different from staying in a HDB flat. There is gated security, swimming pools, gym, BBQ pits, tennis courts, playground and also function rooms for you to host events.
What are the Condos that available?
- Condo new Launch
Can you afford a $1,000,000 condominium in Singapore?
Maximum loan tenure you can take from the bank is at 35 years now. The maximum loan amount you can take is 80% of the market value of the house. This is only for loan tenure of up to 30 years. If your loan if more than 30 years, you can only borrow 60% of the market value of the house. This is the Loan to value (LTV) ratio.
With Total Debt Servicing Ratio (TDSR) at 60% currently. you can only use 60% of your gross pay to service all loans (this include car, credit card and personal loan)
To summarize (assuming no other loans and at maximum 80% loan value for 30 years)
Purchase Price: $1,000,000
Loan tenure: 30 years
Loan amount at 80% : $800,000
Down payment of 20% : $200,000
Assuming interst rate of 2%, monthly repayment would be $2,957 per month
With 60% of your gross income to service the loans, you will need a monthly gross income of $4928.
If we use a higher interest rate of 3.5% to calculate. your gross monthly income of $5987 to qualify for a $800,000 loan for 30 years.
Montly income of 6k seems quite achievable, but however we still need to fork out the 20% down payment of 200k. 15% can by cpf and 5 % by cash (50k cash).
We would not want to stretch to our limits on the loans, so i would say a good buffer of using 25-30% of your income, so an income of around 12k should be comfortable.