How much condo can you afford in Singapore?
A bank can lend up to 75% of a condo’s price or valuation, and your income has to clear the Total Debt Servicing Ratio when the instalment is assessed at 4% a year rather than at the rate your package charges. This condo affordability calculator applies both limits, adds stamp duty, and names the one that is actually holding you back.
Enter your income, existing repayments and available funds. The figures update as you type, and nothing is emailed or gated.
Enter a gross monthly income.
Every limit here is calculated from income, so the figures appear once you fill that in.
How this is calculated
Two separate ceilings decide the answer, and the lower one wins. The first is what your income can service. The second is what your cash and CPF can cover upfront.
On the servicing side, TDSR caps all monthly debt repayments at 55% of gross monthly income. Banks must compute that instalment using the higher of your package rate after any promotional period and a medium-term interest rate floor, which has been 4% a year for residential property loans since September 2022. Clearing a car or personal loan therefore raises your ceiling immediately.
On the loan side, the MAS loan-to-value limits allow 75% with no outstanding housing loan, falling to 55% when the tenure exceeds 30 years or the loan runs past your 65th birthday. Tenure is not something you enter here. The calculator tests both tiers and reports whichever produces the higher price, because funding more equity can buy more property when your income caps the loan.
For a joint application, MAS assesses the income-weighted average age rather than the older buyer’s age, so a higher-earning younger borrower lengthens the tenure available at 75%.
Buyer’s Stamp Duty uses the bands applying from 15 February 2023, and Additional Buyer’s Stamp Duty uses the rates for transactions on or after 27 April 2023, both published by IRAS. Because those duties step up in bands, the calculator searches for the highest price that satisfies every constraint rather than applying a single formula.
The result is an estimate built from published rules. A bank’s In-Principle Approval is what actually governs your loan, and its valuation can differ from the price you agree.
Frequently asked questions
- How much condo can I afford on my salary?
- Your income sets a loan ceiling through TDSR, which caps all monthly debt repayments at 55% of gross monthly income. Because banks assess that instalment at a floor of 4% a year, the loan they approve is smaller than your actual package rate suggests. Your cash and CPF then set a second ceiling through the downpayment and stamp duty, and the lower of the two decides the price.
- What is the minimum cash downpayment for a condo?
- With no outstanding housing loan and a 75% loan, at least 5% of the price must be paid in cash and CPF cannot cover it. If the loan-to-value limit drops to 55%, the minimum cash rises to 10%. With one outstanding housing loan, at least 25% of the price must be cash.
- Why is the calculator using a 4% interest rate?
- 4% a year is the medium-term interest rate floor MAS requires banks to use when testing whether you can service a residential property loan. It is a stress-test rate, not a market rate or a quote. You can enter your own expected rate to see the instalment you would actually pay.
- Does the calculator include ABSD for a second property?
- Yes. Selecting the number of residential properties you already own applies the correct Additional Buyer’s Stamp Duty rate, which is 20% for a Singapore Citizen buying a second property and 30% for a third. ABSD is paid upfront, so it reduces the price your funds can support considerably.
- Can I use all my CPF for a condo purchase?
- No. The mandatory cash portion and the legal fees must come from cash, and any amount you agree above the bank’s valuation also needs cash. CPF usage is further limited by the property’s remaining lease, which this calculator does not model, so treat the CPF figure as an upper bound.
Stay informed, not overwhelmed
One useful Singapore property email each week, with the numbers and tradeoffs that matter.