My wife and I are both 40, we earn a total income of $11k pm. We now live in a 5 room HDB flat, now worth $700k. We plan to upgrade to an EC which costs only $800k. Since we have no more loan on our flat, we will sell our flat when the EC is ready. We have some cash savings and then can pay off the EC. It is so easy to upgrade to a condo and without having any more loan. It is good not to earn so much and hence qualify for EC.