It may seem like a lot - $800K loan. But the favourable factors are many:
1. Couple is young, means lots of upside potential - promotion, salary rise, etc.
2. Property loan interest is dirt cheap. A crime not to leverage on this cheap money
3. Buying property is a form of forced savings
4. S'pore is land scarce. Long term property value should follow in tandem or exceed inflation.
I am speaking from experience. We forgo our chance to own
HDB when they told us we have to wait 2.5 yrs for one. So we took the plunge (bit the bullet) and bought private a 2 bedder apartment. Initially it was scary, and for sure we had to tighten our belts.
We have since upgraded twice and living in our current 4 bedder condo fully paid. And we bought another for rental income.
Quote:
Originally Posted by lordlad
that's a very huge loan and your combine income with your spouse is not that much.....I just reached 30s and single and my annual income alone is about half of you have and i wouldn't in my wildest dream will be getting a condo even if i doubled my salary because the squeeze will be too much...
my 2 cents.
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