Asked by Anonymous

We are a couple in the talks of settling down and we are at lost when it comes to housing. How can we afford a condominium? How should we go about the savings?

One of us has a condominium under the name (actually the parents' property) so we are out of the running for BTO and EC. We are left we no choice but to look at private properties.

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    • Loh Tat Tian
      Loh Tat Tian, Ex-Financial Advisor, Founder at Singapore Insurance Value Finding

      Top Contributor (Dec)

      198 Answers, 292 Upvotes
      Answered 3w ago

      There are a few queries required before anyone can help. You might want to update the following first

      1) What is your TDSR (total debt servicing ratio)?

      2) Does the 1st property have any outstanding loan or fully paid up?

      3) For Condos, the budget range is from 800k (small 2 room apartment) to 1.2mil (for 3 room etc at pasir ris more ulu kind) ro even 3 mil (CBD area).

      4) Most loans are pegged to 10X your salary based on the borrowing figure allowed. And repayment is tagged to TDSR.

      Finally, I can't help much as I am not a property agent, hence did not deal with private Condos (I bought HDB). I am asking more so that the professionals can help answer.

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    • Gabriel Tham
      Gabriel Tham, Kenichi Tag Team Member at Tag Team

      Top Contributor (Dec)

      392 Answers, 707 Upvotes
      Answered 3w ago

      Perhaps the one who has the property under the name can "sell" the property back to the parents. Meaning, the parents will take full ownership of that property.

      Then, you both can qualify for BTO after a cooling period.

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