Recommend a property suitable for a salary of 9k/month

For a monthly salary of $9,000, you can consider various condominium options in Singapore, but the affordability will depend on several factors including the region, size of the unit, and other financial commitments.

Region and Price

• Outside Central Region (OCR): You can afford a new condo in the OCR, where prices are generally lower. For example, a new condo in this region could cost around $1.958 million for a unit sized between 743 to 1,012 square feet. Your monthly repayment would be approximately $7,100.
• Rest of Central Region (RCR): In the RCR, a smaller unit (around 600-899 square feet) could cost between $1.38 million and $2.7 million. For the lower end of this range, your monthly income of $9,000 would be sufficient, with a monthly repayment of around $8,500.

Size and Affordability

• For a smaller unit in the RCR, such as a 2-room or 3-room condo, your $9,000 monthly salary would be adequate. However, for larger units or those in more central locations like the Core Central Region (CCR), the required income would be significantly higher.
• In the OCR, you could afford a slightly larger unit with your current salary, given the lower prices compared to the CCR and RCR.

Additional Costs

• Besides the monthly mortgage repayment, you need to consider other costs such as the downpayment (25% of the property price, with 5% in cash), Buyer’s Stamp Duty, and Additional Buyer’s Stamp Duty if applicable.

Financial Planning

• Ensure you have no other significant loan obligations to maximize your Total Debt Servicing Ratio (TDSR) of 55%.
• The stress test rate of 4% and an interest rate of 3% are typically used in calculations to determine the maximum loan quantum.

Given these considerations, a condo in the OCR or a smaller unit in the RCR would be the most feasible options for someone with a $9,000 monthly salary. It is always a good idea to consult with a financial advisor or real estate professional to get a more precise assessment based on your specific financial situation.