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Mr. Soong, based on your monthly income of $4K, the bank can only take 40% of your monthly income (i.e. $1600) as the max. amount that you can afford for the bank loan monthly repayment.  This is assuming you have no other liabilities - car loan, student loan etc. With this $1600/mth payment the max amount loan to you will be about $430K.  You mentioned that you fork out about 10% of the purchase price, then this will narrow down the condos that you can afford is around $478K (based on 90% loan + $48K cash or CPF))and $537,800 (based on 80% loan + $107,500 cash or CPF).  I must caution you that interest rates for 90% bank loan are very much higher than a 80% loan.
I would like to have a in depth dicussion with you on this issue. Pls call me at 90277228  Kathy for a further discussion. Read More

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