Asked by Anonymous
Hi,
I’m seeking some advice on housing affordability and loan eligibility.
I’m 46 and my wife is 43. We jointly own a fully paid 4-room HDB in Punggol valued at around $750k, and we have about $400k in cash. Our combined monthly income is $13.7k, with a car loan of about $1k/month as our only liability. We also have 3 young kids.
We’re considering upgrading to a new launch EC (4-bedroom) in Tampines, but when we checked, our loan eligibility came up to only about $550k, based on a 19-year tenure. This makes it difficult to afford an EC priced around $2.2M.
I’m wondering how others in similar situations manage to secure higher loan amounts, especially given the EC income ceiling of $16k/month. Are there strategies or considerations we might be missing?
Appreciate any insights or advice.
I’m seeking some advice on housing affordability and loan eligibility.
I’m 46 and my wife is 43. We jointly own a fully paid 4-room HDB in Punggol valued at around $750k, and we have about $400k in cash. Our combined monthly income is $13.7k, with a car loan of about $1k/month as our only liability. We also have 3 young kids.
We’re considering upgrading to a new launch EC (4-bedroom) in Tampines, but when we checked, our loan eligibility came up to only about $550k, based on a 19-year tenure. This makes it difficult to afford an EC priced around $2.2M.
I’m wondering how others in similar situations manage to secure higher loan amounts, especially given the EC income ceiling of $16k/month. Are there strategies or considerations we might be missing?
Appreciate any insights or advice.
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