Asked by Ah Long
Hi Guru,
I am currently renting a place and is looking to buy a landed property. Recently, I have come across a terrace house at Kembangan selling for $1.85 milllion (2400 land/3400 built up). Me and my wife like the house a lot but we are concern on the financing.
The monthly household income is $18,000 and we currently have $250,000 cash and $300,000 in the CPF ordinary account. The monthly installment for bank may work out to the in the range of $5000-6000 depending on the interest rate. Do you think buying a $1.85 million is living beyond our financial ability based on our current household wealth?
I am currently renting a place and is looking to buy a landed property. Recently, I have come across a terrace house at Kembangan selling for $1.85 milllion (2400 land/3400 built up). Me and my wife like the house a lot but we are concern on the financing.
The monthly household income is $18,000 and we currently have $250,000 cash and $300,000 in the CPF ordinary account. The monthly installment for bank may work out to the in the range of $5000-6000 depending on the interest rate. Do you think buying a $1.85 million is living beyond our financial ability based on our current household wealth?
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