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Evening,

To get financing of $500k, it should not be a problem if your credit record is good and taking a 30 years bank loan, which I would hardly recommend. To purchase a unit of $800k, you will need minimum of $40k cash and contribute $260k in CPF / Cash / CPF + Cash, if you intend to take a mortgage of $500k. The monthly installment for $500k over 30 years with interest at 1.6% would be $1800. which would take up small option of your liquidity.
There are many other consideration, beside what I have stated.

FYI
Mike Lim
 96929209 
ERA Read More

Hi nugget, although different banks set different standards, a general guide you can use to calculate your maximum loan is 35% of your annual income multiply by 25 years (age 65 - 40) which is about 700,000. There are also banks that take age 70 as a guide, but not many. Whether this decision is right or not is subjective because it largely depends on your ability to maintain or increase this income, and amount of savings you have to tide over a period of zero income. I'd say that your current plans are prudent in terms of affordability but again the location of your choice and size of unit may influence your budget.

I'd be pleased to discuss it with u further should you like to.

Cheers!

Kind regards,
William Choo (朱文彬）
Senior Marketing Consultant, 
CEA Reg No: R044093D
Huttons Asia Pte Ltd (License no: L3008899K)
Mobile: 9721 8288 
Web site: www.facebook.com/PropertySGD Read More