How much loan can I get to buy a condominium if I earn $10,000 per month

In Singapore, the amount of loan you can get for a property purchase depends on several factors, including the type of property, the loan-to-value (LTV) ratio, and the number of existing housing loans you have.

For Bank Loans

• If you have no outstanding housing loans, you can borrow up to 75% of the property's price or valuation, whichever is lower. This requires a minimum cash down payment of 5%.
• If you have one outstanding housing loan, the LTV limit drops to 45%, requiring a minimum cash down payment of 25%.
• If you have two or more outstanding housing loans, the LTV limit is further reduced to 35%, still with a minimum cash down payment of 25%.

For HDB Loans

• If you are purchasing an HDB flat, you can borrow up to 80% of the purchase price or the property’s valuation, whichever is lower. This requires a down payment of 20%, which can be paid using cash and/or CPF funds.

Additional Considerations

• The Total Debt Servicing Ratio (TDSR) also plays a crucial role. Your total monthly debt commitments, including the new loan, must not exceed 55% of your gross monthly income.
• The Mortgage Servicing Ratio (MSR) for HDB loans and ECs is 30%, meaning your monthly loan installment must not exceed 30% of your gross monthly income.

For example, if you are buying a property valued at $1 million with no existing housing loans, the maximum loan amount you can get from a bank would be $750,000 (75% LTV), requiring a down payment of $250,000, with at least $50,000 in cash.