5 Answers

askguru expert
Hi there, thanks for writing to us on AskGuru.

Unfortunately, we do not have sufficient information such as your age, monthly commitment and available cash on hand.

Assuming you are both 30-years-old with $100,000 in cash on hand, $200,000 in CPF, and a monthly commitment of $10,000, the property you can afford is $1,187,707

You may use our affordability calculator here: https://www.propertyguru.com.sg/mortgage/affordability-calculator

When purchasing a private property, you will be subjected to the Total Debt Service Ratio (TDSR), Valuation Limit and Withdrawal Limit. Your TDSR should be less than or equal to 60%. The TDSR formula is as follows:

(Borrower's total monthly debt obligations / Borrower's gross monthly income) x 100%

Assuming you have a total monthly debt of $2,000, this is your TDSR:

$2,000/$10,000 x 100% = 20%

Let's assume you decide to purchase a $1 million condominium, here are the financial calculations:

You will be subjected to Valuation Limit. Valuation Limit is the lower of the purchase price or valuation at the time of purchase. Assuming the valuation and purchase price is $1 million, your Valuation Limit is $1 million.

For a bank loan, you will be subjected to Withdrawal Limit: 120% of the Valuation Limit.

120% x $1 million = $1.2 million

$1.2 million is your Withdrawal Limit.

You will also need to set aside a Basic Retirement Sum of $93,000 each.

Assuming you can get 75% loan ($750,0000) over 30 years, you will need to place a downpayment of 5% in cash ($50,000) and 20% in cash and/or CPF ($200,000). Your monthly mortgage will work out to $2,772 which is still within your TDSR. You can use our mortgage calculator here: https://www.propertyguru.com.sg/mortgage/calculators/mortgage-repayment

With a Withdrawal Limit of $1.2 million, you will hit the limit in 24 Years 1 month. If you are unable to meet your Basic Retirement Sum of $93,000, you will need to pay your mortgage in cash.

You will also need to calculate your Buyer's Stamp Duty (BSD): $24,600

We advise you to engage an experienced agent who can assist you in your financial calculation.

Hope this answers your question.

Best Regards,

Team PropertyGuru Read More


Ling CK
Hi MT,

1) Those condos in CCR definitely can meet your requirement. However, you have to be prepared for the budget needed for these premium condos.
2) If you are fine not to gain any appreciation from the property, you may choose the resale or subsale property.
3) If the budget is a bit tight for CCR, you may consider RCR. There are quite a good number of private condos that can meet your need.
4) It is Q3 2021 now, I would think it is the right time to circle out those condos that can meet your requirement, and view some of them to see whether you like the environment.
5) Buying resale property is unlike BTO where you can only select those that are thrown to us. Thus it could take a longer time than you expect to find something you like.
6) The whole legal paper process in general will takes about 3 months to complete, which means you have to make a decision by the end of Aug or early Sep to meet your moving out by end of 2022.

Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636, or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK

Any response to our answer does not reach us.
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Nick Tan
Dear Sir/Mdm,

While it is still early, it will be good to first find out what is a comfortable quantum you can afford by taking into consideration the sales proceeds from this flat, your CPF amount available for housing and your eligible loan amount. With these figures sorted out, we can then look for the possible options in the market and find the one which fits most of your requirements.

As for the comparison between resale and new condos, there are pros and cons in each option and you will need to determine which one fits your objectives better. Please feel free to contact me so that I can give you an overview of the upgrading process and more importantly assist you to work out the sums so that you can be more precise in your search.

Nick Tan
(M) +65 9644 4854
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com
SEAA Salespersons Achievement Platinum Award 2020

Visit my website to get to know me better:

I was featured recently on Council for Estate Agencies (CEA) Newsletter:

Testimonial from Satisfied Clients
“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
Peter & Wendy (Property Seller)

I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
Weilun & Benita (Property Seller)

“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations. We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing wit Read More


Elan Govan
Dear Owner/Buyer,
There are many 3bed options in the SE area. It all depends on your budget and the minimum size of the condo you are expecting to move into, the facilities etc. If you are looking at new launches, they are going to be small. For bigger options, you need to look at resale.

Though, it is a year away, it is good to get to know the market now and it is never too early. Please call me soonest.

Elan Govan
MABA (Lancaster)
Huttons Asia P. L.
www.goodpropertiesguide.com Read More


Robbie Chen Chee Howe
Hi MT,

It will be another year before you can start to sell your HDB flat, unless you manage to appeal for early waiver of MOP.

Some of the considerations you will need to factor in:-
1) do you need the sale proceeds from your HDB flat for the condo purchase? This will determine whether to sell first or to buy first.
2) do you have a place to stay after the sale of the HDB flat, before you collect keys to your condo? This will determine your purchase to be a new launch or a resale condo that is selling with vacant possession.
3) are you prepare to rent while waiting to shift to your new home? This will be the case if you purchase a new launch, or a resale condo that's selling with existing tenancy.

Perhaps we can have a more in-depth discussion on these matters, and from there explore the possibilities?

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305. I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
9748 6305
PropNex Realty Read More