Guide
What Salary Do You Need to Buy a Condo in Singapore?
The short answer: more than most people think. Banks use a stress test rate of 4% (not your actual rate) and cap total debt at 55% of gross income. Here's exactly what you need at every price point.
Quick answer: To buy a $1M condo in Singapore, you need a gross monthly income of at least $7,600 with no other debts. For $1.5M, you need about $11,400/month. These are based on TDSR (55% cap) at MAS's 4% stress test rate. A $1,500/month car loan drops your max condo budget by ~$320,000.
Minimum salary by condo price
Assumes: 75% LTV (25% down), 25-year tenure, no other debt, SC buying 1st property. Income = gross monthly.
| Condo Price | Loan (75%) | Min Income | Payment |
|---|---|---|---|
| $800,000 | $600,000 | $6,100 | $3,350/mo |
| $1,000,000 | $750,000 | $7,600 | $4,180/mo |
| $1,200,000 | $900,000 | $9,100 | $5,020/mo |
| $1,500,000 | $1,125,000 | $11,400 | $6,270/mo |
| $2,000,000 | $1,500,000 | $15,200 | $8,360/mo |
Min income calculated at 4% stress test, TDSR 55%. Monthly payment shown at 3.5% market rate. No other debts assumed.
How the math works
Banks don't use the actual mortgage rate to assess if you can afford a loan. MAS requires them to stress-test at 4% p.a. — even if your actual rate is 3.5%. This protects you (and the bank) from rate hikes.
Your total monthly debt — including the mortgage, car loans, credit cards, and personal loans — can't exceed 55% of your gross monthly income. This is called TDSR (Total Debt Servicing Ratio).
Max loan payment = Gross income × 55% − Other debts
Max loan = PV of that payment at 4% over tenure
If you earn $10,000 with $500 car loan: Max payment = $10,000 × 0.55 − $500 = $5,000/mo → Max loan ≈ $790,000
How other debts destroy your buying power
Every $1,000/month in existing debt reduces your max loan by about $160,000. That car loan isn't just costing you interest — it's costing you an entire tier of condo.
| Monthly Debt | Max Loan ($10K income) | Max Condo | Lost Buying Power |
|---|---|---|---|
| $0 | $880K | $1,170K | — |
| $500 | $800K | $1,070K | −$100K |
| $1,000 | $720K | $960K | −$210K |
| $1,500 | $640K | $850K | −$320K |
| $2,000 | $560K | $750K | −$420K |
Assumes $10K gross income, 25-year tenure, 75% LTV. Stress test at 4%.
What if your salary isn't enough?
Co-borrow with your partner. Combined income is the most common way couples afford condos. Two people at $5,500 each = $11,000 combined, enough for a $1.2M condo.
Clear your debts first. Paying off a $1,000/month car loan unlocks $160K more in borrowing power. Sometimes the best move before buying a condo is selling the car.
Increase your down payment. More down payment = smaller loan = lower income needed. With 35% down instead of 25%, a $1M condo only needs $6,600/mo income instead of $7,600.
Target a lower price point. Resale condos in OCR start at $700-900K for 2-bedrooms. New launches in fringe areas start at $900K-$1.1M. You don't have to start at $1.5M.
See your exact numbers
These are general benchmarks. Your situation — income, debts, CPF, HDB equity — changes everything. Run the calculator with your real numbers.
Run My NumbersFAQ
What salary do I need for a $1 million condo in Singapore?
For a $1M condo with 25% down payment and 25-year tenure, you need a gross monthly income of about $7,600 (solo) or combined household income of $7,600. This is based on TDSR (55% cap) at the MAS stress test rate of 4%. With other debts, you'll need more.
Can I buy a condo with $5,000 salary in Singapore?
At $5,000 gross monthly income with no other debts, TDSR limits your loan to about $450,000. With 25% down payment, that supports a max purchase price of roughly $600,000. You can buy a smaller resale condo or studio — but a $1M condo is out of reach on $5K alone.
Does TDSR use gross or net salary?
TDSR uses your gross monthly income — that's your salary before CPF deductions and tax. If your payslip shows $8,000 before deductions, that's the number banks use. Variable income (bonuses, commission) is typically discounted by 30-50% by banks.
Can two people combine income to buy a condo?
Yes. Co-borrowers (married couples, siblings, parent-child) can combine their gross incomes for TDSR calculation. A couple each earning $5,000 has $10,000 combined income for TDSR purposes. Both must be on the loan and typically both on the title.
What is the MAS stress test rate for 2026?
The MAS stress test rate remains at 4% p.a. as of 2026. Banks must assess your loan eligibility at this rate, even if your actual mortgage rate is lower (e.g., 3.5%). This means you qualify for less than you'd expect based on current rates.
How does a car loan affect my condo eligibility?
Car loans reduce your TDSR headroom. A $1,500/month car payment on $10,000 income uses 15% of your TDSR capacity, leaving only 40% for housing. This reduces your max loan from about $900K to $650K — a $250K drop in purchasing power.
Related Tools & Guides
- HDB to Condo Affordability Calculator — plug in your real numbers and see your max budget
- How Much Cash to Buy a Condo — the full cost beyond just the loan
- CPF Accrued Interest Calculator — what CPF claws back when you sell your HDB
- Should You Upgrade from HDB to Condo? — 3-test framework before committing
Last updated Feb 2026. TDSR: 55%, stress test: 4% (MAS). This is educational content, not financial advice.