Mortgage & Financing · 2026
What salary do you need to buy a condo in Singapore?
By Winfred Quek · 10 minute read · Last reviewed July 2026
Rates and thresholds change. The current figures are kept in one place: the Singapore property rules reference.
Facts verified: July 2026 · Sources linked below
Key Takeaways
- • The TDSR caps total monthly debt at 55% of gross income. Banks stress test the mortgage at 4% per annum, not the actual ~1.5% rate, for this calculation.
- • The MSR of 30% applies to HDB and EC loans only. For a private condo, only the TDSR matters.
- • Other debts reduce how much of your TDSR the mortgage can occupy. A $1,000/month car loan reduces your maximum mortgage room by roughly $1,000.
- • Couples who apply jointly can pool incomes, making higher priced units accessible on two moderate salaries.
- • Age affects the calculation: borrowers above 45 may not get a full 30 year tenure, which raises the stress tested instalment and thus the income requirement.
The question I hear most often from people thinking about a private condo is this: do I actually qualify? Most people know their gross salary but have no idea what it translates to in borrowing power. This guide does the reverse engineering so you can read directly from your salary to the condo price you can support.
How the TDSR determines what you can borrow
The Total Debt Servicing Ratio, established by the Monetary Authority of Singapore, limits your total monthly debt obligations to 55% of your gross monthly income. This covers all debt: the new mortgage, any existing mortgages, car loans, student loans, credit card minimum payments, and personal loans.
The critical detail most people miss is the stress test rate. Banks do not use the actual mortgage rate of approximately 1.5% when computing your TDSR. They use a medium term rate of 4%, or the actual contracted rate, whichever is higher. This stress test has been in place under MAS rules to ensure borrowers can withstand rate increases. The practical effect: the minimum salary to qualify for a loan is determined by the stress test instalment, not the instalment you will actually pay.
At a 4% stress test rate over 30 years, the monthly instalment factor is approximately $4.78 per $1,000 borrowed. Your maximum loan is therefore: (0.55 × gross monthly income − other monthly debts) ÷ $4.78 per $1,000 × $1,000.
And the minimum income to support a given loan with no other debts is: loan amount × $4.78 per $1,000 ÷ 0.55.
Read more on the mechanics at the TDSR stress test guide and use the TDSR scenarios tool to model your specific situation.
The price to income table
The table below shows the minimum gross monthly income required to qualify for a private condo purchase at each price point, assuming a 75% LTV bank loan, 30 year tenure, and no other debts. Add roughly $1,800 of minimum income for every $1,000 per month in other existing debts.
| Condo price | 25% downpayment | 75% loan amount | Stress test instalment (4%/30yr) | Min gross monthly income (no other debts) |
|---|---|---|---|---|
| $900,000 | $225,000 | $675,000 | ≈ $3,226 | ≈ $5,865 |
| $1,000,000 | $250,000 | $750,000 | ≈ $3,585 | ≈ $6,518 |
| $1,200,000 | $300,000 | $900,000 | ≈ $4,302 | ≈ $7,822 |
| $1,500,000 | $375,000 | $1,125,000 | ≈ $5,378 | ≈ $9,778 |
| $1,800,000 | $450,000 | $1,350,000 | ≈ $6,453 | ≈ $11,733 |
| $2,000,000 | $500,000 | $1,500,000 | ≈ $7,170 | ≈ $13,036 |
| $2,500,000 | $625,000 | $1,875,000 | ≈ $8,963 | ≈ $16,296 |
Stress test instalment computed at 4% per annum over 360 months (30 years) on the loan amount shown. Minimum income assumes no other monthly debts and full TDSR headroom available. Actual bank assessment varies; confirm with your bank or mortgage broker.
The downpayment column is equally important. Even if you pass the TDSR, you need to fund that 25% downpayment, of which at least 5% must be cash (the remaining 20% can be CPF OA). On a $1.2M condo, that is at least $60,000 in cash on top of CPF. Check the full downpayment breakdown in the guide on downpayment requirements for a condo.
How other debts shrink your buying power
Every dollar of existing monthly debt obligations eats into your TDSR headroom. Here is what that means in practice.
If you earn $10,000 per month, your TDSR ceiling is $5,500 per month in total debt. If you have a car loan costing $1,200 per month, only $4,300 per month is available for the mortgage. At the 4% stress test rate over 30 years, $4,300 per month of stress tested instalment supports a loan of roughly $899,000. At 75% LTV, that buys a property of approximately $1.2M.
Without the car loan, that same $10,000 salary supports a stress tested instalment of $5,500, which funds a loan of roughly $1.15M and a property of approximately $1.53M. The car loan cost you $330,000 in buying power.
The age factor: how tenure affects the minimum salary
The salary figures in the table above assume a 30 year loan tenure. As covered in the guide on how much you can borrow, MAS rules require that your age plus the loan tenure generally not exceed 65 years if you want full LTV. A 40 year old is limited to a 25 year tenure. A 45 year old to a 20 year tenure. Shorter tenures mean higher monthly instalments for the same loan amount, which requires higher income to pass the TDSR.
| Age at application | Max tenure (full LTV) | Stress test factor (4%) | Min income for $900k loan |
|---|---|---|---|
| 30 years old | 30 years | ≈ $4.78/$1k | ≈ $7,822 |
| 35 years old | 30 years | ≈ $4.78/$1k | ≈ $7,822 |
| 40 years old | 25 years | ≈ $5.28/$1k | ≈ $8,640 |
| 45 years old | 20 years | ≈ $6.06/$1k | ≈ $9,916 |
| 50 years old | 15 years | ≈ $7.40/$1k | ≈ $12,109 |
Stress test instalment factor computed at 4% per annum for the tenure shown. Income shown is minimum to support a $900,000 loan at TDSR 55% with no other debts. Actual assessment depends on bank policies.
A 50 year old trying to buy the same condo as a 35 year old needs nearly 55% more income to qualify for the same loan amount. This is a significant constraint for mid career buyers and one that often surprises clients in their late forties.
Joint applications: the power of two incomes
When two borrowers apply jointly, their gross incomes are pooled for the TDSR calculation. This is one of the most powerful levers available to couples. Two people each earning $7,000 per month have a combined $14,000, which at a 55% TDSR ceiling allows $7,700 per month in total debt service. At the 4% stress test over 30 years, that supports a loan of approximately $1.61M and a property of roughly $2.15M.
Individually, neither borrower could qualify for a $1M condo comfortably. Together they can reach a $2M property. This is why the decision on whether to buy jointly or in one name has significant financial implications beyond the legal structure. It is not just about ABSD planning: it is about qualifying power.
Winfred's Take
Most clients come to me asking whether they can afford a particular condo. The honest answer always starts with the TDSR and the stress test, not the actual mortgage rate. The gap between qualifying at 4% and what you actually pay at 1.5% means you will typically pay far less each month than your qualifying headroom suggests, which is a reassuring buffer. But it also means you need to earn meaningfully more than the minimum to feel comfortable. I typically suggest clients target a loan whose stress tested instalment sits no higher than 40% to 45% of gross income, keeping the remaining 10% to 15% as buffer. That leaves room for life's surprises without your mortgage becoming a source of stress.
Variable income: commissions, bonuses, and self-employment
Banks treat variable income conservatively. Commission income, freelance earnings, and variable bonuses are typically assessed at 70% of the 12 month average shown on your Notice of Assessment, not the full amount. Self-employed borrowers face additional scrutiny and may need two years of tax returns. If your income is partly variable, your effective qualifying income is lower than your gross salary suggests. Budget accordingly and discuss the specifics with your bank before making an offer.
Frequently asked questions
What salary do you need to buy a $1 million condo in Singapore?
Assuming a 75% bank loan of $750,000 and no other debts, you need a gross monthly income of approximately $6,500 to qualify at the TDSR using the 4% stress test over 30 years. With other debts, the minimum income rises.
What is the TDSR and how does it affect condo purchases?
The Total Debt Servicing Ratio limits your total monthly debt obligations to 55% of gross income. Banks stress test the mortgage at 4% per annum or the actual rate, whichever is higher. This stress test rate, not the actual mortgage rate, determines how much you can borrow.
Does the Mortgage Servicing Ratio apply to condo purchases?
The MSR of 30% applies only to HDB flat and Executive Condominium purchases, not to private condominiums. For a private condo, only the TDSR applies.
Can a couple combine incomes to qualify for a larger condo loan?
Yes. Joint borrowers can pool their gross incomes for the TDSR calculation. A couple each earning $8,000 per month has a combined $16,000, which allows a significantly larger loan than either borrower individually.
What happens if I have a car loan when applying for a condo mortgage?
Your car loan monthly instalment counts toward your TDSR. If your total debts including the car loan and the new mortgage exceed 55% of gross income, the bank will reduce the approved loan amount or decline the application.
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Winfred Quek · CEA R073319H · Crestbrick
The bottom line
The salary you need is determined by the 4% stress test instalment relative to the 55% TDSR ceiling, not the actual mortgage rate. Clear your debts, understand your downpayment sources, and check whether a joint application with a spouse or co-borrower unlocks more options. The qualifying bar is not as high as many people fear, but it is not a number you should guess at either.
Winfred Quek is an Associate Marketing Consultant at Crestbrick Pte Ltd, advising Singapore upgraders, investors, and families. CEA R073319H. The information on this page is general and does not constitute financial, investment, or mortgage advice.
How does this apply to your own numbers?
General rules only take you so far. What actually decides your move is your financing, your timeline, and what you already own. A Property Portfolio Analysis maps your real position, so you are deciding on your own figures rather than a rule of thumb.
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