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Hi,

Generally speaking, a quick rule of thumb is that your monthly mortgage and maintenance shouldn't exceed 30-40% of your gross monthly income. With the info shared, assume this adds up to about 6k/mth, at 2.5% pa and 30 year loan, you can loan up to about 1.52m, which means a 1.8-1.9m property shouldn't be a problem. Though I would usually recommend my clients not to overstretch.

It will be ideal if I can have more details such as preferred price range, funds on hand (cash+cpf) location and size and lifestyle preferences so to make better recommendations. Thanks and hope to value-add to your plans further.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
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Good evening buyers,

I believe you guys can loan up to a substantial loan based on your annual income.

But with that aside, your finances on hand are as crucial as well.

If both of you dont have sufficient funds for the initial outlay, you wont be able to proceed further with the purchase that you desire.

Let's assume you can loan up to 80% max loan, your initial outlay will be as such:

1) 5% cash downpayment
2) 15% CPF or cash downpayment
3) estimated 3% buyer's stamp duty
4) $2.5k legal fees
5) valuation fee etc

Probably you can share with me your finances (cash and CPF OA funds) on hand so I will be in a better position to advise and assist you guys further.

Cheers!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
R043025D
Propnex Realty Pte Ltd

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W):www.yttan.com Read More

Hi,

Re: Our Preferred SG Professional- Agent.myweb.sg & Agent.irealtor.sg

20-25% of your gross income for your housing loan installment will be prudent. Anything exceed 25% of your gross income will be not balanced. It depend on the number of housing loan years too.

Feel free to engage me as your agent. I can assist you based upon your stated contents and walk you through the entire process with options.

Call me now, we can explore further in detail.

I am contactable at 92222389  or onassis@sgrealtor.com / sgagent.com

In all Areas of Singapore. Sale/Buy/Lease/Rent, Please call and/or drop me an email me. I’m always at your Services.

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Hi buyer,

A condo unit in the range of $1.5M - $2M would be fine, but that would depend on many factors, such as location, size, facilities, condo age, cash on hand & CPF OA, other existing debt obligations etc.

Feel free to contact me at your convenience, and we can carry on from there.

Thanks and regards,
Teck Chuan, Ng
BBA (Finance), NUS
ERA Realty Network Pte Ltd
Mobile: 9137 4602  Read More

Hi Good Day
Lets meet up for a detailed discussion. I would love to give your differenr proposal based on your availabile cash output, current financial commitments, retirement plans.
You may wish to reach me via 91442664  for a detailed discusson.
Tricia Tan 91442664  Read More

Good morning,

Based on your combined income, it's hard to tell how much you can afford on the purchase. Whether you are self-employed or employed, your credit standing, how old both of you are currently, how much CPF funds you have and the amount of cash at hand will have direct impact on the financial aspect.

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

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Good day and Thank you for your query,

Based solely on the combined annual income provided, assuming both of you are below 35 years of age and the income are fixed (non-variable) with no other debt, you may qualify for home loan up to $2.5mil or around $3.17mil private property.

Please note that if your annual income has variable components, the portion will be reduced to 70% and will reduce the expected loan amount and property price affordability. Please also note that if you have other existing debt such as car loan, credit card outstanding balance etc, the loan amount will also be significantly reduced.

Kindly consult a trusted mortgage consultant before making any investment decision.

As a guide, the following is the estimated cash flow for $3mil private property for Singapore Citizen (SC) below 35 years old:
Minimum Cash: $150k
Additional Cash/CPF: $535k
Est. Monthly Loan Repayment for 30 years at 2.5% average interest rate: $9,500

For SC 45 years of age, loan tenure will be shorter at 20 years and estimated loan amount reduced as following:
80% LTV: $1.96m
Property Price: $2.45m
Minimum Cash: $122,500
Additional Cash/CPF: $436k
Est. Monthly Loan Repayment for 20 years at 2.5% average interest rate: $10,500

To get more accurate assessment kindly provide the following info on you and your spouse:
Age, citizenship, monthly fixed income, other variable income if applicable, cash/CPF availability and outstanding debt.

As we do not get prompted when you respond here, kindly contact us directly should you require additional information.

Thank you and have a pleasant week ahead.

Warm Regards,
Karrien N. Chan
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Dear sir/madam,

We can only base on assumption of scenarios where both borrowers are aged 35 and below and has no other financial commitments with clean credit records to provide a rough guide on loan amount.

An OCBC banker once shared that to obtain a $200k loan, the monthly income should be at least $1500 based on 80% LTV and 30 years loan tenure therefore with your income, your loan amount can be in the range of $2.4m upwards if all above criteria stated is met.

Nevertheless, I will highly recommend you not to max out your loan under uncertain economic conditions today if you are looking to make a commitment soon. Work out on a comfortable figure with a professional banker instead and move on from there.

Where possible, decide on a property where you can liquidate in future and still look at decent positive returns from the sale as a form of capital protection.

Let me know if I can be of any further assistance or shortlist a few decent properties for your considerations.

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Regards,

Geryl LIM
Associate Marketing Director
Global Alliance Property (L3010679B)
CEA Reg R014783H
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Dear Mdm,

From this annual income, I think a loan of $2M to $2.5M might be possible assuming no financial commitments and max loan tenure. Of course the best will still be to talk to a mortgage banker as they will need to do an assessment for you. We will still have to factor in the Total Debt Servicing Ratio (TDSR) and also other financial commitments that you are currently having.

Another huge factor that will affect the purchase price that we can afford will be our CPF Savings. If we have a lot of CPF in our Ordinary Account then this fund can be used for the purchase of the house also. If you are ok, then maybe what I can suggest is that we can meet up for a chat and we can do a financial calculation for you and your hubby to determine the max purchase price that we can go. With that figure on hand, it will be much easier for you and your hubby to make a decision. By the way no worries there are no obligations. Can just take it as a chat. We can also use this opportunity to answer any other queries that you may have on this house purchase and also on the current market sentiments.

My partner and myself works in a team together and both of us have served many clients over time and many of them are now our friends. Some of them have also left testimonials for us and you can take a look at some of them on my website, www.jeffreyheng.com. Hopefully you can catch a glimpse of how we work from there. We believe we can provide the same level of service to you and your hubby and hopefully even better.

Looking forward to hear from you soon! Cheers!

Best Regards,

Jeffrey Heng
Division Director (Sincerus Division)
ERA Realty Network Pte Ltd

ERA Overall Top Managers 2015
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(2014)
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(2012/2013)

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Hi

Do speak to a banker and you will be advised on the budget.

Then you may either call 9620 0827  for a casual chat or email gavin.ng@orangetee.com.

I will be able to take you through the transactional process and timeline.

Regards

Gavin Read More