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How To Get A Loan To Pay Off Debt With Bad Credit – . Are you in your mid-50s attending presentations at 10am and writing impressive reports because of a huge home mortgage?
This is enough to make some of us think that downsizing to a two-bedroom home might be a better option.
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Sure, we may have a mortgage until we retire at age 65…but imagine our home—whether it’s an apartment or condo—was paid off long ago. The good news is, this can’t just be a dream.
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Here’s an estimate of whether you can afford a home mortgage until age 50 based on your property and situation:
To make things easier, we have included all grants for HDB flats in our example (they vary). For an example involving a couple, assume they are both 25 years old.
We also assume that all buyers use the maximum credit amount (90 percent financing for HDB, 75 percent financing for EC and private equity). By definition, this assumes that buyers of HDB flats will use HDB loans. Keep in mind that if a large initial fee is paid, the optimal rate of return will be significantly reduced.
We also use current interest rates on bank loans, which are at historic lows. Future interest rate increases may change bank loan calculations (e.g. cond and EC). We also make estimated payments easier by excluding options such as deferred payment plans for lower initial payments or progressive payment plans.
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The average price of a 3-bedroom apartment in Singapore was 430 psf in September 2020. Currently, the average size of a 3-bedroom apartment is 700 square meters. We can also estimate that the average price of a 3 bedroom apartment is around $301,000.
To ensure stability, we limit monthly loan payments to 30 percent of the couple’s gross monthly income.
Therefore, a minimum gross monthly income of $4,097 is suitable for a 3 bedroom apartment under 50 years of age.
As of September 2020, the average price of a 4-bedroom apartment in Singapore was 437 psf. Currently, the average size of a 4-bedroom apartment is 970 square meters. Additionally, the average price for a 4-bedroom apartment is around $423,890.
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Additionally, those with a gross income of at least $5,770 are eligible to purchase a 4-bedroom apartment under the age of 50.
The average price of a 5-bedroom apartment in Singapore was 428 psf as of September 2020. Currently, the average size of a 5-bedroom apartment is 1,184 square feet. Also, the average price for a 5 bedroom apartment is around $506,752.
Thus, a minimum gross monthly income of $6,897 is reasonable enough to afford a 5-bedroom apartment under 50 years of age.
The average price of a 2-bedroom apartment in Singapore was 476 psf as of September 2020. 2-bedroom apartments come in two main sizes: around 387 square meters and 484 square meters. In this example we will use a larger 2 bedroom apartment.
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A minimum monthly income of $4,640 is suitable for under 50 years old to purchase a 2 bedroom apartment.
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A minimum monthly income of $6,063 is suitable for under 50 years old to purchase a 3 bedroom apartment.
In September 2020, the average ECB unit price in Singapore was 962 psf. The typical UnitB unit size is approximately 1,050 square feet. The average price of such EC units is approximately $1.01 million.
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Therefore, a minimum gross monthly income of $9,863 is suitable for comfortably paying EC before age 50.
In September 2020, the average price of a condominium unit in Singapore was 1,554 psf. We compared it to an EC unit of the same size (as in the example above) of 1,050 square feet. Similar-sized private condos cost $1.63 million on average.
To ensure stability, we limit monthly loan payments to 30 percent of the couple’s monthly income.
Additionally, a minimum gross monthly income of $15,917 is suitable for comfortably paying off a private condo for under 50s.
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Currently, the average price of a private condominium is 1,554 psf (see above). This compact unit is 510 square feet by convention. or below. For this example, we will use the largest mobile unit.
To ensure stability, we limit monthly loan payments to 30 percent of the borrower’s monthly income.
Additionally, a minimum monthly income of $7,740 is suitable for comfortably paying for a mobile unit until age 50.
Don’t be too discouraged if the numbers seem overwhelming; Remember that there are ways to make things easier.
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Grants (for HDB flats), or condominiums that do not include concessions such as renting a room or the entire unit (for example, some mobile unit owners live with their parents for a number of years and receive a net rental income); this significantly speeds up your loan repayment rate).
If you are interested in your specific situation, please message us on Facebook. Once we know the exact details of your property and debts, we can help design the right strategy for you.
Lastly, even if you see any of the above in your mind, be sure to consult a qualified financial planner.
Even if you could, rushing to pay off your mortgage before age 50 isn’t always the best move. There may be other reasons such as the need for more savings that need to be addressed before taking out a home loan early on.
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Ryan J Ryan is an old school journalist who has gone digital. He has stayed in almost every type of accommodation in Singapore, from apartments to bungalows. Over the past 18 years, he has worked as a content creator, education executive, and occasional radio voice for companies large and small. It takes a lot of time and money to paint those little plastic soldiers.
My name is Anan and our mission is to help home buyers and sellers in Singapore make the best decisions for themselves. Have questions? Email us at: hello@
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