Obviously this question requires a much broader answer because I don't know about your other spending habits, your financial commitments, your family situation (i.e. you may be single but I don't know how financially independent your parents or other loved ones are).
But just basing on your salary ALONE - let's look at the government-implemented restrictions:
Assuming $5-6k salary (assuming this is gross and not take-home) means 30% Mortgage Servicing Ratio (MSR) is $1,500 to $1,800. This means if you take up an HDB flat (BTO or resale) or a new EC, you cannot spend more than $1,500 to $1,800 on your monthly loan.
Using a simple mortgage calculator like the one found here: https://www.mortgagemaster.com.sg/mortgage-calc... (Cheap plug!) you find that if you take up an HDB loan (2.60% interest rate) - you'll be restricted to a loan amount of between $350,000 to $380,000. That means if you buy a $500,000 flat, you will need to pay the difference in cash and/or CPF.
You could perhaps go with a bank loan where the interest rates are lower, as long as you meet the MAS-mandated stress test of 3.50% for TDSR. I'll elaborate below.
If you're taking up a private condo, then there's no MSR restriction but the 60% Total Debt Servicing Ratio (TDSR) applies. That means you cannot take on more than $3,000 to $3,600 of loan repayments a month.
Since it's a private condo, you only have the option of a bank loan. This means you have to go through an MAS-required stress test - to see if you can still meet TDSR requirements if your bank loan goes up to 3.50%.
Based on this 3.50%, your biggest loan amount you can take is about $750,000. Of course, because it's a bank loan, you have to pay your downpayment of 5% in cash and the remaining 20% in cash or CPF, so do consider that.
Phew~ thanks for reading this far! Hope this helps.
Obviously this question requires a much broader answer because I don't know about your other spending habits, your financial commitments, your family situation (i.e. you may be single but I don't know how financially independent your parents or other loved ones are).
But just basing on your salary ALONE - let's look at the government-implemented restrictions:
Assuming $5-6k salary (assuming this is gross and not take-home) means 30% Mortgage Servicing Ratio (MSR) is $1,500 to $1,800. This means if you take up an HDB flat (BTO or resale) or a new EC, you cannot spend more than $1,500 to $1,800 on your monthly loan.
Using a simple mortgage calculator like the one found here: https://www.mortgagemaster.com.sg/mortgage-calc... (Cheap plug!) you find that if you take up an HDB loan (2.60% interest rate) - you'll be restricted to a loan amount of between $350,000 to $380,000. That means if you buy a $500,000 flat, you will need to pay the difference in cash and/or CPF.
You could perhaps go with a bank loan where the interest rates are lower, as long as you meet the MAS-mandated stress test of 3.50% for TDSR. I'll elaborate below.
If you're taking up a private condo, then there's no MSR restriction but the 60% Total Debt Servicing Ratio (TDSR) applies. That means you cannot take on more than $3,000 to $3,600 of loan repayments a month.
Since it's a private condo, you only have the option of a bank loan. This means you have to go through an MAS-required stress test - to see if you can still meet TDSR requirements if your bank loan goes up to 3.50%.
Based on this 3.50%, your biggest loan amount you can take is about $750,000. Of course, because it's a bank loan, you have to pay your downpayment of 5% in cash and the remaining 20% in cash or CPF, so do consider that.
Phew~ thanks for reading this far! Hope this helps.