Can you help me calculate how much of a property I can afford

To determine how much of a property you can afford in Singapore, you need to consider several key factors, which can be evaluated using tools available on EdgeProp Singapore.

Total Debt Servicing Ratio (TDSR)

This is a crucial metric set by the Monetary Authority of Singapore (MAS). It stipulates that your total debt repayments, including your proposed mortgage, should not exceed 55% of your monthly gross income.

Loan-to-Value (LTV) Ratio

The LTV ratio determines the maximum amount you can borrow from a bank, which is typically up to 75% of the property's purchase price. The remaining 25% must be paid using cash or CPF funds.

Other Costs

In addition to the loan amount, you need to consider other costs such as the Buyer's Stamp Duty (BSD), Additional Buyer's Stamp Duty (ABSD) if applicable, and other expenses associated with purchasing a property.

Using EdgeProp's Tools

EdgeProp Singapore offers an affordability calculator that can help you determine how much property you can afford. Here’s how you can use it:

- Input your monthly income and other financial details.
- Specify any existing properties you own and your current debt obligations.
- The calculator will provide you with the maximum property price you can afford, the maximum bank loan amount, and other relevant financial breakdowns.

This tool takes into account the TDSR, LTV ratio, and other affordability variables to give you a clear picture of what you can afford.

By using EdgeProp's affordability calculator, you can make informed decisions about your property purchase based on your financial situation.