Just to add, there are youngsters who are both working in banks and earning a combined income of $500k pa. They become arrogant and overconfident. They buy a $2m condo with 80% loan of $1.6m. When crisis strikes or restructuring comes, both husband and wife lose their jobs. They suddenly go from $500k pa to zero income. They cannot service their big mortgage and had to sell their $2m condo whose value dropped to $1.5m. They also have to sell their continental car at a loss.

So, avoid this situation. Even if you are earning $700k pa combined, don't be arrogant. You could lose your job tomorrow. Best is to buy a hdb flat or a cheap condo and pay in full.

Be debt free. Be humble.