Hi
I am Worthy Tan from Orangetee.com Pte. Ltd.
I suppose you are referring to declaring the Annual Personal Income Assessment for Year 2016 as a self-employed.
It depends on several factors like:-
a) The number of years of housing loan you and your wife are qualified to loan such as 20-year, 25-year and 30-year housing loan tenure.
b) The total amount of your existing loans, such as car loan, personal, educational and home appliances or home furnishing instalments too, including your wife and children if any.
c) The number of credit cards all of you are holding.
d) Other family commitments and liabilities such as allowance to parents and ex-family members.
For a simple scenario, let us take your $700k as an example.
I will take that there is only 2 credit cards and no other further instalment as well as liabilities.
The loan tenure will be 30-year and on a 80% housing loan of $560k with an interest of 4.5% (predetermined by MAS).
Your monthly repayment is estimated as $2,212/-
Your estimated MSR on a monthly scale is $2839.20/-.
Hence, your monthly income is about $9500.
Therefore your annual income has to be somewhere $114,000/- or more to be on the safer side.
Thank you very much!
If you need further clarification, please do liase with me personally.
Warmest Regards,
Worthy Tan Thiam Hee
CEA Registration No.: R012938D
Mobile :
92702992
Email : worthytan1234@gmail.com
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