Hi,
Assuming no other major monthly loan obligations such as car loan etc, and good credit score, and based on this sole income, you should be able to loan up till max $706k based on 22 years loan tenure.
A $1.25mil property typical breakdown, for Singaporean 1st residential property purchase, is as follows:
5% Cash $62,500
20% Cash / CPF OA $250,000
75% Max Loan $937,500
Approx 3% Stamp Duties and Legal Fees $37,100
Since the max loan is $706k, the shortfall for loan is approx $232k.
Adding downpayment, stamp duties, legal fees, and shortfall for loan equal to approx $582k, which can be covered by the Cash+CPF funds you have prepared. This, with a $706k loan, will mean a $1.25mil property is feasible for your plan.
Alternatively, if you are open to taking a higher home loan, we can try to find another way to explore if its feasible. However more info is required before I could advise further and whether it is the best approach.
May I know which development are you looking at? This is for your investment?
May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.
Warm Regards,
Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever
ERA Top 11 Achiever in June 2020 (Top 1% Company Level)
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ERA Top 510 Achiever in Year 2019 (Top 8% Company Level)
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