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Old 30-03-2015, 11:01 PM
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Originally Posted by Unregistered View Post
31/30 couple, annual income 150k. saves 50k p.a.

owns a japanese car, left 3 years.

owns a HDB, left 100k loan.

Does our income allows us to own a condo in two years time?
It depends on the value of your flat and the amount of cash and CPF OA savings you have. If your flat is worth $600k, after selling it and paying the $100k loan, your have $500k. And if your cash savings is $100k and your CPF OA is $100k, you then have $700k which you can use as downpayment for a $900k condo. You just need to take a loan of $200k. It is advisable that you take mortgage as small as possible, $200k the max.

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