Dear sir/mdm,
Is $6,500 gross income or nett income? Including employer's contribution to CPF?
Basing on $6,500 income, your loan eligibility is up to $868k (Monthly instalment @ about $4,200) range if you are considering a private property and $434k (Monthly instalment just under $2200) if you are purchasing a HDB. Interest rates for the above figures is set at 2%. For your information, bank loans are currently hovering about 1.7% for fixed rates packages therefore the amount should be lower.
In addition, since existing home loan interest rates is lower than the interest rates given by CPF, you should take this opportunity to use cash for your loan repayment if possible such that the funds in your CPF can earn the higher interest rates. This is of course provided that cash flow is not an issue for servicing the loan in cash or if you have other investment options that allows you higher returns than the current interest rates.
With a lower interest rates, you not only save up on the monthly instalment amount, the amount of principal you are repaying each month will be more than when you made the purchase during higher interest period, therefore significantly shortened your repayment period potentially,
Hope the above helps.
Warmest regards,
Geryl Lim
Associate Deputy Group Director
Salesperson Registration No. R014783H
Email: geryl.lim@orangetee.com / geryl7772@gmail.com
OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
Estate Agent Licence No. L3009250K
[main]
+65 6471 8888
[mob]
+65 81577565
[LDA]
+65 92787772
www.geryllim.com
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