Everything from eligibility, down payment, and how to get a bank loan to finance your condo purchase, here.
$2,000,000First, decide how much you want to loan and ‘split’ the condo’s price accordingly. For example, if you are eligible and want to take the maximum 75% loan, then work out the sums for your 25% down payment and the 75% loan quantum.Based on the loan amount, interest rate, and your preferred or maximum eligible loan tenure, calculate how much you would need to pay per month to fully repay the debt.
[ProductCTA]{ “title”: “SmartRefi”, “description”: “Track your mortgage against daily market rates and sign up for alerts when there are opportunities to refinance for greater savings.”, “link”: “https://www.propertyguru.com.sg/mortgage/home-loan-refinance/”, “buttonText”: “Learn more”, “image”: “pgf-refinancecalcualtor” } [/ProductCTA]Decide how much of your monthly income you intend to spend on paying the mortgage instalments.
Based on this figure and the table above, it would seem that an entry-level condo in the RCR and OCR is affordable for many Singaporeans. This is especially if you consider the minimum income derived above as that of a working couple, who are joint-borrowing to finance a home together, instead of an individual’s income.
For many, it is not so crucial how much salary you need to buy a condo in Singapore – it is the hefty down payment. So, while it may be a stretch to buy a private condo as your first home, once you have worked for a few years and managed to save up enough for the down payment, you can consider buying a condo if you want.Thinking of buying a condo unit? Want to move in soon? Then you’re probably looking at a resale condo unit.
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