To comfortably afford a 2-bedroom condo in Singapore, here's a breakdown of what you'll need:
1. **Property Price**: Let's assume the condo costs around **S$900,000**
2. **Downpayment**:
- **Total Downpayment**: 25% of the property price, which is **S$225,000**.
- **Cash Component**: At least 5% of the property price, which is **S$45,000**.
- **CPF Component**: The remaining 20%, which is **S$180,000**
3. **Additional Costs**:
- **Buyer's Stamp Duty (BSD)**: Approximately **S$19,800** for a S$900,000 property³.
- **Legal Fees and Miscellaneous Costs**: Around **S$3,000 - S$5,000**.
4. **Monthly Mortgage**: With a monthly income of S$4,000, your Total Debt Servicing Ratio (TDSR) should not exceed 55%, meaning your monthly mortgage payments should be around **S$2,200** or less.
5. **Savings Needed**:
- **Cash Savings**: At least **S$45,000** for the downpayment plus additional costs.
- **CPF Savings**: Around **S$180,000** in your CPF Ordinary Account (OA).
Given your income, you might need to save up more or consider a smaller property to ensure you can comfortably manage the mortgage payments and other expenses.
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
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*** Here are some exciting condominium launches in Singapore scheduled between June and December 2024:
Sora - Located at Yuan Ching Road in District 22, this 99-year leasehold development is set to preview in June 2024. Sora offers a mix of modern amenities and scenic views near Jurong Lake.
Kassia - A freehold development in District 17 at Flora Drive, set to launch in July 2024. Kassia is designed for those who appreciate luxury living in a serene environment.
8@BT - This 99-year leasehold property at Bukit Timah (District 21) is expected to launch in September 2024. It caters to families looking for prestigious schools and nature reserves nearby.
Newport Residences - A highly anticipated freehold development in District 2 at Anson Road, launching in Q4 2024. It combines luxury living with proximity to the Central Business District.
Skywaters Residences - Situated at Shenton Way (District 1), this 99-year leasehold project is ideal for those seeking a prime location near Marina Bay and the financial district, with a launch expected in late 2024.
Launching in Q3 2024 - The Chuan Park
Right next to Lorong Chuan MRT on Circle Line and close proxim
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