<![CDATA[How to own a property when my household income is net $4600]]>After reading this thread, I realised that there are a lot of you have the money work for you. e.g. got property to rent out for passive income.


We only save 40%. Currently, I am staying in HDB with approx 200k loaned from HDB.

Pls advise me is it possible for my money to work harder to buy a second property (e.g. condo) 😓

]]>https://forum.kiasuparents.com/topic/22459/how-to-own-a-property-when-my-household-income-is-net-4600RSS for NodeFri, 17 Apr 2026 23:09:08 GMTTue, 24 May 2011 03:39:29 GMT60<![CDATA[Reply to How to own a property when my household income is net $4600 on Thu, 01 Sep 2011 15:11:02 GMT]]>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.

]]>https://forum.kiasuparents.com/post/572778https://forum.kiasuparents.com/post/572778Thu, 01 Sep 2011 15:11:02 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Sun, 28 Aug 2011 16:46:36 GMT]]>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…

]]>https://forum.kiasuparents.com/post/568666https://forum.kiasuparents.com/post/568666Sun, 28 Aug 2011 16:46:36 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Sun, 28 Aug 2011 14:52:05 GMT]]>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?

]]>https://forum.kiasuparents.com/post/568587https://forum.kiasuparents.com/post/568587Sun, 28 Aug 2011 14:52:05 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Sat, 27 Aug 2011 00:40:51 GMT]]>

dreamrat:
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)

Is there are min income for Condo?
$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.

Good luck !

]]>https://forum.kiasuparents.com/post/567303https://forum.kiasuparents.com/post/567303Sat, 27 Aug 2011 00:40:51 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Fri, 26 Aug 2011 09:12:45 GMT]]>

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)
Is there are min income for Condo?
$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.

]]>https://forum.kiasuparents.com/post/566955https://forum.kiasuparents.com/post/566955Fri, 26 Aug 2011 09:12:45 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Thu, 25 Aug 2011 03:11:16 GMT]]>

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

]]>https://forum.kiasuparents.com/post/564928https://forum.kiasuparents.com/post/564928Thu, 25 Aug 2011 03:11:16 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Wed, 24 Aug 2011 07:44:00 GMT]]>Investing in property requires some careful considerations. Just as there are good and bad stocks in the stock market, there are also good and bad properties in the property market at any one point in time. One must be able to identify which are the good properties for investment through careful studying of the project price/psf trend, surrounding developments, nearby projects prices, etc.

]]>https://forum.kiasuparents.com/post/563671https://forum.kiasuparents.com/post/563671Wed, 24 Aug 2011 07:44:00 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Tue, 09 Aug 2011 08:49:23 GMT]]>Hi Edureach,


Thanks for your reply. Will consider the options again.

]]>https://forum.kiasuparents.com/post/535385https://forum.kiasuparents.com/post/535385Tue, 09 Aug 2011 08:49:23 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Mon, 08 Aug 2011 04:09:10 GMT]]>

leesf:
Edureach:

[quote=\"leesf\"]We are a first-timer want to invest in a condo. A 3 bedroom unit costs about $1.1m and will only be completed 4 years later. We still have about $80k HDB loan. Any advice is this a worth buy. What are the factors that need to be considered?



Most important factor is never follow the crowd. Next is the question of your outstanding loan of 80k. Following next, do you need to take up a loan with duration of 25 yrs or even 30 yrs? If answer is yes, then your dream condo is out of your reach. Lastly, are you confident of selling it at more than 2.5 million after 30 yrs?

[quote][/quote]Hi Edureach,

Thanks for your reply. We don't intend to stay in the condo but thought of renting out after completion and the rental will be used to pay off the loan. Hopefully, if the property goes up in 5 years time, then we sell it off. Of course the condo has to be worth at least $1m then its worthwhile to sell. What's your thoughts?[/quote].


Reading btw the lines in response to your earlier message, its no go for you. Just be patience and you should get a much better deal in the near future.

Alternatively, u may consider to park your money in equities when the market has stabilised after this severe downturn. In this instance, have to do a lot of homework, get yourself educated and don't chiong just because the market may look like a real bargain at that point of time. Stock picking skills, macroeconomics and understanding of human psychology coupled with financial discipline are must to invest sucessfully.

]]>https://forum.kiasuparents.com/post/533502https://forum.kiasuparents.com/post/533502Mon, 08 Aug 2011 04:09:10 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Mon, 08 Aug 2011 03:53:39 GMT]]>Thanks Mdm Lau and Mad Scientist for your advice.

]]>https://forum.kiasuparents.com/post/533485https://forum.kiasuparents.com/post/533485Mon, 08 Aug 2011 03:53:39 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Tue, 02 Aug 2011 02:45:29 GMT]]>Buying a condo now is not worth it.


1. The price now is at a high level of this cycle. Nobody knows. It can stay this high or even go slightly higher. The interest rate is at record low. It is unlikely to go further down and the only way is up. Once the rate goes up, expect to have a negative impact on the property market.

2. The rental yield for most property is only 3-4%. It is even lower than inflation rate which is 4-5% currently. Certainly, we cannot call this "making the money work for us".

]]>https://forum.kiasuparents.com/post/522237https://forum.kiasuparents.com/post/522237Tue, 02 Aug 2011 02:45:29 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Sat, 30 Jul 2011 03:26:28 GMT]]>

Edureach:
leesf:

We are a first-timer want to invest in a condo. A 3 bedroom unit costs about $1.1m and will only be completed 4 years later. We still have about $80k HDB loan. Any advice is this a worth buy. What are the factors that need to be considered?



Most important factor is never follow the crowd. Next is the question of your outstanding loan of 80k. Following next, do you need to take up a loan with duration of 25 yrs or even 30 yrs? If answer is yes, then your dream condo is out of your reach. Lastly, are you confident of selling it at more than 2.5 million after 30 yrs?

[quote][/quote]Hi Edureach,

Thanks for your reply. We don't intend to stay in the condo but thought of renting out after completion and the rental will be used to pay off the loan. Hopefully, if the property goes up in 5 years time, then we sell it off. Of course the condo has to be worth at least $1m then its worthwhile to sell. What's your thoughts?

]]>https://forum.kiasuparents.com/post/517793https://forum.kiasuparents.com/post/517793Sat, 30 Jul 2011 03:26:28 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Fri, 29 Jul 2011 03:30:47 GMT]]>Presuming you already own a HDB, thinking to buy pte now and rent out HDB. Depends on your HDB ruling at the time you bought your HDB, as MOP period and pte purchase limitation is different. Like mine is 3 years before eligible to rent out, and no limitation on when next pte purchase.


You can buy HDB, provide you must sell your pte within 6 months if not wrong...

If you say buy HDB now, before pte.... Think no talk, 5 years MOP and pte purchase limitation leow... 😓

]]>https://forum.kiasuparents.com/post/515483https://forum.kiasuparents.com/post/515483Fri, 29 Jul 2011 03:30:47 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Fri, 29 Jul 2011 02:15:17 GMT]]>

MadScientist:
micollh:

[quote=\"dankhim\"]

The new ruling is if you own a private, not allow to buy HDB.

the other way round is ok ? own HDB and buy Private ?

Only after owning it for 5 years at least.[/quote]of course, it's the requirement.

]]>https://forum.kiasuparents.com/post/515169https://forum.kiasuparents.com/post/515169Fri, 29 Jul 2011 02:15:17 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Fri, 29 Jul 2011 02:00:58 GMT]]>

micollh:
dankhim:



The new ruling is if you own a private, not allow to buy HDB.

the other way round is ok ? own HDB and buy Private ?

Only after owning it for 5 years at least.

]]>https://forum.kiasuparents.com/post/515095https://forum.kiasuparents.com/post/515095Fri, 29 Jul 2011 02:00:58 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Fri, 29 Jul 2011 01:29:30 GMT]]>

dankhim:


The new ruling is if you own a private, not allow to buy HDB.
the other way round is ok ? own HDB and buy Private ?

]]>https://forum.kiasuparents.com/post/514986https://forum.kiasuparents.com/post/514986Fri, 29 Jul 2011 01:29:30 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Fri, 29 Jul 2011 01:16:52 GMT]]>

Nebbermind:
have not followed closely to the new policy on prop.


I thought that once u buy a private prop, u have to sell the hdb, regardless of whther it is fully paid or not.
The new ruling is if you own a private, not allow to buy HDB.

]]>https://forum.kiasuparents.com/post/514946https://forum.kiasuparents.com/post/514946Fri, 29 Jul 2011 01:16:52 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Wed, 27 Jul 2011 06:26:45 GMT]]>

leesf:
We are a first-timer want to invest in a condo. A 3 bedroom unit costs about $1.1m and will only be completed 4 years later. We still have about $80k HDB loan. Any advice is this a worth buy. What are the factors that need to be considered?


Most important factor is never follow the crowd. Next is the question of your outstanding loan of 80k. Following next, do you need to take up a loan with duration of 25 yrs or even 30 yrs? If answer is yes, then your dream condo is out of your reach. Lastly, are you confident of selling it at more than 2.5 million after 30 yrs?

]]>https://forum.kiasuparents.com/post/510962https://forum.kiasuparents.com/post/510962Wed, 27 Jul 2011 06:26:45 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Wed, 27 Jul 2011 06:25:47 GMT]]>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…

]]>https://forum.kiasuparents.com/post/510958https://forum.kiasuparents.com/post/510958Wed, 27 Jul 2011 06:25:47 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Wed, 27 Jul 2011 06:25:39 GMT]]>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 you are refering to…

]]>https://forum.kiasuparents.com/post/510957https://forum.kiasuparents.com/post/510957Wed, 27 Jul 2011 06:25:39 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Wed, 27 Jul 2011 06:16:59 GMT]]>HDB website clearly states that u MUST live in the hdb after u buy your private prop, except for special cases.

]]>https://forum.kiasuparents.com/post/510938https://forum.kiasuparents.com/post/510938Wed, 27 Jul 2011 06:16:59 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Wed, 27 Jul 2011 05:47:49 GMT]]>

Nebbermind:
Thx!


But the rule abt having to live in the hdb even after owning a private prop (ie, cannot rent out the hdb and stay in the private prop) still remains. So if u r doing it, better keep quiet!!
not me, not yet.. no, it's legal. u are allowed to do that

]]>https://forum.kiasuparents.com/post/510869https://forum.kiasuparents.com/post/510869Wed, 27 Jul 2011 05:47:49 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Wed, 27 Jul 2011 04:17:26 GMT]]>Thx!


But the rule abt having to live in the hdb even after owning a private prop (ie, cannot rent out the hdb and stay in the private prop) still remains. So if u r doing it, better keep quiet!!

]]>https://forum.kiasuparents.com/post/510672https://forum.kiasuparents.com/post/510672Wed, 27 Jul 2011 04:17:26 GMT<![CDATA[Reply to How to own a property when my household income is net $4600 on Wed, 27 Jul 2011 04:03:42 GMT]]>

Nebbermind:
have not followed closely to the new policy on prop.


I thought that once u buy a private prop, u have to sell the hdb, regardless of whther it is fully paid or not.
no le.. u can keep ur HDB.. rent out.. if u follow the thread on condo& HDB..

initially, i also have the misconcept..

]]>https://forum.kiasuparents.com/post/510621https://forum.kiasuparents.com/post/510621Wed, 27 Jul 2011 04:03:42 GMT