A Singapore Citizen couple with combined gross income of S$18,000 a month and no existing debts can comfortably afford a S$1,500,000 condo as of 2026-05. The MAS stress-test floor (TDSR at 55% with a 4% interest assumption) sets the regulatory minimum at around S$10,800 combined.
Upfront costs at S$1.5M
Bank loan limit is 75% of purchase price for a first property, so S$1,125,000 in financing. Source: MAS LTV framework.
That leaves S$375,000 downpayment (combined cash + CPF), of which 5% (S$75,000) must be paid in cash.
Buyer's Stamp Duty on a S$1.5M property is S$44,600 in 2026. Source: IRAS BSD schedule.
Total upfront for a Singapore Citizen first-time buyer: approximately S$419,600 (downpayment + BSD).
Monthly mortgage burden
| Scenario | Loan | Tenure | Rate | Monthly |
|---|---|---|---|---|
| Current floating | S$1,125,000 | 25 yrs | 1.27% | S$4,365 |
| Stress-test | S$1,125,000 | 25 yrs | 4.00% | S$5,935 |
| Fixed 2-yr lock-in | S$1,125,000 | 25 yrs | 1.35% | S$4,407 |
The stress-test row drives loan approval — banks use the higher 4% rate to determine whether you qualify under TDSR.
Worked example: HDB upgrader couple
A 35-year-old SC couple, combined gross income S$18,000, no car loan, sold HDB flat for S$680,000 cash + S$120,000 CPF refund.
| Item | Amount |
|---|---|
| Sale proceeds from HDB (cash) | S$560,000 |
| CPF refund (back to OA with accrued interest) | S$120,000 |
| Downpayment for new condo (25%) | S$375,000 |
| BSD | S$44,600 |
| Total cash after upfront costs | S$140,400 |
| Monthly mortgage (actual rate) | S$4,365 |
| TDSR utilisation (4,365 / 18,000) | 24% |
At 24% TDSR utilisation this couple has substantial headroom. They could afford a S$2.0M property without breaching the 55% TDSR ceiling — but doing so eats most of their HDB sale cash buffer.
The Singapore mortgage framework covers the LTV grid, tenure cap, and bank-rate landscape in more detail.
Frequently asked questions
Is ABSD payable on a S$1.5M property?
Singapore Citizens pay zero ABSD on a first property. The 20% ABSD on a second residential property would add S$300,000 to the upfront cost.
Can I use 100% CPF for the downpayment?
For a bank loan, 5% of the purchase price (S$75,000 on S$1.5M) must be paid in cash. The remaining 20% can be paid from CPF OA.
What if rates rise?
Your monthly instalment increases proportionally for floating-rate loans. A jump from 1.27% to 3.27% on a S$1.125M loan increases the monthly instalment by approximately S$1,084.