HI there,
I think if you reverse engineer that question, at 33, if you would like to purchase a condominium that costs on average around 1.2m, this are the things that you would need.
60k Cash for downpayment of the homeloan
240k worth of CPF-OA to downpay the balance of the loan.
Monthly Mortgage of 3.1-3.5k, depending on the interest rate.
Your salary would roughly need to be around 10-12k, with any savings you might have possibly accrued, to comfortably service the mortgage and lead a lifestyle that is not too constricted.
It used to be 180k CPF + 60K Cash, but due to the changes in legislation in 2018, there were measures to cool down the housing market and avoid speculation. You will definitely need to buffer more, as it is hard to ascertain future changes to the property market.
Hope i was able to shed some insight!
HI there,
I think if you reverse engineer that question, at 33, if you would like to purchase a condominium that costs on average around 1.2m, this are the things that you would need.
60k Cash for downpayment of the homeloan
240k worth of CPF-OA to downpay the balance of the loan.
Monthly Mortgage of 3.1-3.5k, depending on the interest rate.
Your salary would roughly need to be around 10-12k, with any savings you might have possibly accrued, to comfortably service the mortgage and lead a lifestyle that is not too constricted.
It used to be 180k CPF + 60K Cash, but due to the changes in legislation in 2018, there were measures to cool down the housing market and avoid speculation. You will definitely need to buffer more, as it is hard to ascertain future changes to the property market.
Hope i was able to shed some insight!