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Old 08-11-2018, 07:18 PM
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Originally Posted by tchen003 View Post
That's really useful advice from the experienced. Thanks!!!

I will talk about numbers based on estimation:

Year 2024, I cash out 220k SGD from my 900k SGD small condo. This loan is 30 year tenure at interest rate 2% pa. Therefore, monthly mortgage is 739 SGD.

Year 2024, we buy a 3rm condo in OCR at 1.5 million price under my wife name. [email protected]%=375k. [email protected] ONLY (assume wife Singaporean, no property under her name) = 44600, miscellaneous fee (legal, etc) =10k. Total estimate 430k SGD. Loan 1.125million for 30 year tenure at interest rate 2%pa. Therefore monthly mortage is 4158 SGD.

Total monthly mortage = 739+4158=4897 SGD or 5000 SGD to be safe. The small condo can rent out at 2000 SGD per month.
Our monthly salary should be above 12k SGD/per month in year 2024.

So back to your questions:

Q1: I work as IT support in banks. It's a relative more stable job compare to traders or dealers. However I havent finalized my career path yet.

Q2:I have ISP, Rider, ECI (multiple) to support me in case of illness. However I dun have emergency fund now.

Q3: Given my family monthly income at at least 12k per month with 5k monthly mortage, I think it's a bit challenging and need careful planning.

Q4: If wife stay at home. Very challenging for me given that my salary need go to kid, parent, mortage, family and probably myself. Unless I can earn 12k per month in 2024
You have to take note if you can still support the mortgage if there is unemployment.

Understand your needs and priority when choosing a home.

My priority is location near city area where my parents are. I managed to get a condo near my parents n workplace. The condo will be ready in 3 years so mortgage is not in full yet.

I have buffer funds in cpf and cash during emergency to pay for mortgage.

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