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Hi, I have an eligibility question. Im deciding whether to buy HDB or condo/EC. Im 27 this september and I have $65K in cash and $85K CPF. My annual income is about $75K, $4K per month minus standard bonuses and allowances. Im single with no other loans. Am I able to purchase a 3Br/90+Sqm/$700-800K condo? Based on your experience is this possible? and what is the most comfortable loan I should take at max?
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2 Answers

Karrien N. Chan
Replied
A very Good Day to you,

Based on your annual income and the info you have provided, you may qualify for a loan of up to $740K and may consider buying a Condo of $920K. The monthly mortgage payment will be around $2,550 for $920K completed units.

Below is an estimated figures for your comparison, please consult with your banker for IPA before making any decision:
$800K property:
Total Cash/CPF required including Lawyer’s Fee: $182K
Monthly Mortgage Payment: $2,250

$700K property:
Total Cash/CPF required including Lawyer’s Fee: $159K
Monthly Mortgage Payment: $1,950

$660K property:
Total Cash/CPF required including Lawyer’s Fee: $148K
Monthly Mortgage Payment: $1,850

Please feel free to contact me should you require further assistance.
Thank you and have a pleasant day.

Warm Regards,
Karrien N. Chan
CEA Reg. No.: R052532H
Mobile: +65 822 50 212
Email: karrien.realty@yahoo.com

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Geryl Lim
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Dear sir/madam,

I believe Karrien and Wilson has adequately answered your question in terms of affordability. Assuming your CPF and cash on hand forms up the 20% downpayment, you probably can afford maximum $750k purchase (without considering miscellaneous fees like legal and stamp duty). With such an amount, it is unlikely to be able to get a 3 bedrooms unit anywhere. Perhaps you may have some chance in a 1+1 bedroom. Let me know if you need further assistance. Before moving onto househunting, the best thing to do will be application for an in-principle approval for housing loan to determine the loan quantum.

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Geryl LIM
Real Estate Director
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M.O.R.E Property Pte Ltd (L3010548F)
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