How much salary is needed to afford a $1.5 million condo in Singapore?

To afford a $1.5 million condo, you'd typically need a gross monthly income of around $27,000-$36,000, depending on your existing debts, down payment amount, and loan tenure.

Here's how this breaks down:

Banks use the Total Debt Servicing Ratio (TDSR) for private condos, which caps your total monthly debt repayments at 55% of your gross monthly income. For a $1.5 million condo with a standard 25-year loan at current interest rates, your monthly mortgage repayment would be approximately $7,500-$8,000.

Using the TDSR limit: $7,500-$8,000 ÷ 0.55 = roughly $13,600-$14,500 gross monthly income as a baseline.

However, this assumes you have no other debts. If you have car loans, credit card balances, or other outstanding loans, your required income increases significantly.

For a first condo purchase, you need a minimum 25% down payment ($375,000), with at least 5% in cash and the remainder in CPF or cash. If you have an existing housing loan, your down payment requirement jumps to 55%, which substantially impacts your overall affordability.

Most banks recommend your monthly housing loan repayment shouldn't exceed 30% of gross income (the MSR guideline used for HDB flats and executive condominiums). At this more conservative level, you'd need approximately $27,000-$36,000 monthly income for a $1.5 million condo.

To get an accurate figure tailored to your specific situation—including your down payment amount, existing debts, and loan tenure preferences—I recommend using affordability calculators that factor in current interest rates and your complete financial profile.