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I would like to know how to determine what is the maximum price for pte property that we can afford comfortably. Combined household income about $13K with 2 kids. Currently own HDB 5-rm in North east area, loan almost paid up. Estimated selling price $450K. Able to top up cash of $100K. What budget should we set for our next purchase of a pte apt. Is $1.5M safe?
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1 Answer

Mike Lim
Replied
Morning Vic,

Firstly, are you selling your HDB unit to upgrade or are you buying a second property?
Secondy, even with your HDB loan paid up, the amount of loan that will be grant to you will be based on your credit report, hence it's tough for me to give you the figures out front.
Lastly, how much CPF balance does both of you have? And what repayment period are you looking at? (ie: both your current age and other financial commitments)

Do feel free to contact me for further non-obligatory discussion.

Regards
Mike Lim
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  • VO
    Replied
    ok, we are planning to sell HDB to upgrade.
    We do not have outstanding debts or loans. Combined CPF currently about 120K (excluding amounts paid for the HDB).Combined cash of $350K but we do not want to pay too much upfront cash. Loan repayment period of 30 years. We are in our mid 30s. We are budgetting 3-4K (or about 25% of income) per month for new property instalment.

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