Deposit aside, how much must your salary be to buy a 700K condo?

For private property in Singapore, you will need to use a bank loan. Consequently, you will need to fork out at least 5% cash for the downpayment. For a $700k condo, that will be at least $35k. With this in mind, it will depend on your cashflow and how fast you can save this money for the downpayment.

Next, there are two important ratio to know:

1. Mortgage Servicing Ratio (MSR)

MSR is capped at 30% of the borrower's gross monthly income. As a result, the annual salary to meet this criteria will be about $77k.

2. Total Debt Servicing Ratio (TDSR)

TDSR should be less than or equals to 60%. As a result, the annual salary to meet this criteria will be about $39k. This is based on the assumption that you do not have any other existing loans.

With this in mind, do note that these are the bare minimum criteria. In the event that you max out these ratio, you will have less than 40% of your income left for your other needs. Hence, it may be valued to do comprehensive financial planning that is capable to help you plan for your future.

Here is everything about me and what I do best.

At least 100-140k in my opinion. Following the rule of thumb of home value be 5-7 X Annual Household Income.

This makes sure that your mortgage won't be more than 30% of your income also.