New 3-Bedroom Condos below 1.4Million

Do you know that with just a monthly income of $8000, you can qualify to invest in a 3 bedrooms condo within $1.4M?

I have curated a list of potential properties matching this criteria that will save you much time and hassle comparing on your own. Please contact me if you need an updated list.

Financial Calculations

For a 1.4 million property:

5% Cash Outlay = $ 70,000

20% Cash/CPF = $ 280,000

75% Bank Loan =$1,050,000

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Buyer Stamp Duty =$ 40,600

Additional Buyer Stamp Duty (if applicable)

12% =$ 168,000

Payable within 14 days of exercising Sales & Purchase Agreement for Building Under Construction (BUC)

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Total Debt Servicing Ratio (TDSR) refers to the portion of a borrowers gross monthly income that goes towards paying monthly debt obligations. This maximum threshold is set by Monetary Authority of Singapore (MAS) to ensure borrowers are not over leveraged on property purchases.

For new property loans, the Total Debt Servicing Ratio (TDSR) should be less than or equal to 60%

To calculate TDSR, a stress interest rate of 3.5% is used, even though the actual bank interest rate is lower.

where

P is the Principle (loan amount)

r is the monthly interest rate

n is the number of months of loan

Assuming a maximum loan tenure of 30 year ( 360 months), and there are no other loans, with a monthly income of $8000, the fixed monthly payment works out to be $4715 which gives a TDSR of 59%

Many Singaporeans and Permanent Residents aspire to own a private condominium. And with just $8000 monthly income, it is achievable. Contact me wa.me/6598333597 for a non-obligatory discussion to work out your numbers or to choose a suitable condo for you and your family. Or if you'd prefer, we can also schedule zoom session!