Quote:
Originally Posted by Unregistered
Couple in our late 40s, earning a combined income of $100k pa. We are in the middle income group in Singapore. We bought our 4-room flat direct from HDB, many years ago at a low price. Now, we have paid it up. We own a small car, just nice for our family of four. Our savings in CPF OA and cash is $100k in total. We have no loans. No other assets.
Do you think we can afford to upgrade to an EC? We need to take a new mortgage if we upgrade. Or should we just be happy and stay put at our flat (currently worth $400k)?
Any advice? Thank you. |
No problem. If you sell your flat, you have lots of cash as downpayment, so your loan will not be high, the most $250k, which is manageable with your $100k pa HH income. Loan/income ratio only 2.5x.
There is this foolish forumer whose HH income is only $120k pa (only breadwinner, his wife is not working), yet his loan is $1.2m !!!! Crazy !!!! Worse, some stupid people still encourage him. If the market crashes and he loses his job, he will surely be bankrupt and begging on the streets.