What is the maximum value property we can get with a combined income of 15k?

For a couple with a combined monthly income of $15,000, several factors influence the maximum value of the property you can afford. Here are the key considerations:

Loan Eligibility

The Total Debt Servicing Ratio (TDSR) dictates that your total monthly repayments for all loans, including your home loan, car loan, and other debts, must not exceed 60% of your gross income. Given your combined income of $15,000 per month, your TDSR limit would be $9,000 per month.

Existing Debts

You mentioned a $900 car loan, so you would need to subtract this from your TDSR limit, leaving you with $8,100 per month for other debt repayments, including your home loan.

Loan Tenure and Interest Rate

Assuming a 30-year loan tenure and an interest rate of around 4%, you can estimate your maximum loan amount. Using affordability calculators available on EdgeProp, you can determine that with a monthly repayment of approximately $4,819 (as an example), your maximum loan amount would be around $1,009,332.

Down Payment and Other Costs

You would need to consider the down payment, which is typically 25% of the purchase price for private properties, and other costs such as stamp duties and legal fees.

Maximum Affordability

Given these considerations, your maximum affordability for a property would be around $1.36 million, assuming you use all your cash proceeds from the sale of your current HDB and other available funds for the down payment.

Here’s a breakdown:
- Purchase Price: Approximately $1.36 million
- Down Payment (25%): $340,000 (which can be covered by CPF and cash)
- Loan Amount: $1,009,332
- Monthly Repayment: Around $4,819 (based on 4% interest and 30-year tenure)

This calculation aligns with the general guidelines for determining affordability in the Singapore property market. For more precise calculations and to find properties within your budget, you can use the affordability calculator and other tools available on EdgeProp Singapore.