How to own a property when my household income is net $4600
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dicky:
No, what was meant is that you must satisfy your HDB MOP before rent out. If MOP is not up yet, you must live in your HDB even if you had a pte pty. Maybe this is the special case you are refering to....
yes you are right -
micollh:
Is there are min income for Condo?net $4500 is eligible for condo ? i thought there is a minimum total income for HDB/Condo ? no ?
I would feel with the combine of 4,500, it's quite challenging to pay ur HDB loans dun say condo(min 3k and above mthly)
$4600 is the amount remained after CPF deduction.
It is just a matter of affortability. But I do realise that there are alot of richer ppl around me...since the median income is $5000*.8=$4000 per adult... even with degree, increment can nvr catch up with inflation.
Assuming we can save $2000 per month in joint acc (+ year end bonus), I can pay off the HDB loan at the end of the fifth year with cash. So, it is not that challenging. -
dreamrat:
Good luck !
Is there are min income for Condo?micollh:
net $4500 is eligible for condo ? i thought there is a minimum total income for HDB/Condo ? no ?
I would feel with the combine of 4,500, it's quite challenging to pay ur HDB loans dun say condo(min 3k and above mthly)
$4600 is the amount remained after CPF deduction.
It is just a matter of affortability. But I do realise that there are alot of richer ppl around me...since the median income is $5000*.8=$4000 per adult... even with degree, increment can nvr catch up with inflation.
Assuming we can save $2000 per month in joint acc (+ year end bonus), I can pay off the HDB loan at the end of the fifth year with cash. So, it is not that challenging. -
Just want to ask. I have fully paid up HDB and i co bought an Condo at 1.26Mil. with siblings for my parents to stay. currently BUC. My stake is 40% and we took a 80% loan. I am thinking to get another unit for my own family … Could anyone advise how my credit limit will be assessed by the bank? Will i be able to get 60% of the loan?
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Yeap you can get up to 60% loan, provided your income (or household income) is assessed to be eligible for 2nd loan amount. Eg: based on your income, you can borrow up to 1.1m on properties. So if current BUC unit loan took up 0.5m, your next pty you can borrow 0.6m which means you can only purchase pte cdo on 1m purchase price and below…
Ai ya… Perhaps better to drop by bank and ask over the counter how much 2nd loan amount you can take. They will work out for you free… -
The banks will determine your income liquidity which includes your income as well as loans i.e car loans to determine your loan quantum. Do inform the banks the estimated property amount you are purchasing and check the % loan you are eligible.
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