What salary do I need to buy a 1.5 million dollar condo?
To buy a $1.5 million condo on a first home loan, you can borrow up to 75% ($1,125,000) and must put down 25% ($375,000), at least 5% in cash. As a rough guide you'll need a household income of around $19,000–$20,000 a month, since your total monthly debt repayments can't exceed 55% of gross income. Exact figures depend on your loan tenure and interest rate.
The full rules
What determines how much you can borrow
Three rules set the limits on a $1.5 million purchase.
Loan-to-value (first home loan)
| Item | Amount |
| Maximum loan (75%) | $1,125,000 |
| Minimum downpayment (25%) | $375,000 |
| Of which minimum cash (5%) | $75,000 |
| Remainder of downpayment | Cash or CPF |
A 75% loan applies to your first housing loan. A second loan is capped at 45%, and a third or more at 35%, which raises the cash and CPF you need upfront.
Total Debt Servicing Ratio (TDSR)
| Rule | Limit |
| Max share of gross monthly income for all debt | 55% |
| Applies to | All property loans from financial institutions |
Your mortgage repayment plus any other debts (car loans, personal loans, credit card balances) must stay within 55% of your gross monthly income.
Buyer's Stamp Duty (BSD)
BSD is an upfront cash cost on top of your downpayment.
| Portion of price | Rate |
| First $180,000 | 1% |
| Next $180,000 | 2% |
| Next $640,000 | 3% |
| Next $500,000 | 4% |
| Next $1,500,000 | 5% |
| Above $3,000,000 | 6% |
Worked example
Worked example: $1.5 million condo, first home loan
Upfront costs
| Item | Amount |
| Price | $1,500,000 |
| Maximum loan (75%) | $1,125,000 |
| Downpayment (25%) | $375,000 |
| — minimum cash (5%) | $75,000 |
| — balance (cash or CPF) | $300,000 |
Buyer's Stamp Duty
| Band | Calculation | BSD |
| First $180,000 | 1% | $1,800 |
| Next $180,000 | 2% | $3,600 |
| Next $640,000 | 3% | $19,200 |
| Next $500,000 | 4% | $20,000 |
| Total | $44,600 |
Income needed
Under the 55% TDSR cap, your mortgage and all other debts must fit within 55% of gross income. If a $1,125,000 loan works out to roughly $5,500 a month, you'd need gross income of at least $10,000 a month with no other debt. Higher interest rates or existing loans push the required income up — budget for around $19,000–$20,000 a month to be comfortable.
What this means for you
First-time buyer, single income
You'll need $375,000 for the downpayment (at least $75,000 cash) plus $44,600 BSD in cash. Clear existing debts first — car and personal loans eat into your 55% TDSR limit and cut how much you can borrow.
Dual-income couple
Combining incomes makes the TDSR cap far easier to meet. Both of you can be named on the loan and use CPF towards the downpayment, keeping more cash aside for BSD and renovation.
Already own a property
If this is your second home loan, you can only borrow 45%, so you'd need to fund 55% (around $825,000) upfront. Additional Buyer's Stamp Duty may also apply — confirm your position with IRAS.
Related questions
How much cash do I need upfront?
At least 5% of the price in cash — $75,000 on a $1.5 million condo — plus $44,600 Buyer's Stamp Duty, which must be paid in cash upfront. The rest of the 25% downpayment can come from CPF or cash.
What is TDSR?
The Total Debt Servicing Ratio caps all your monthly debt repayments at 55% of your gross monthly income. It applies to every property loan from a financial institution and directly limits how much you can borrow.
Can I borrow more than 75%?
No. A first housing loan is capped at 75% of the property value. A second loan is limited to 45% and a third or more to 35%, so you'd need much larger savings for additional properties.
Does the exact salary depend on anything else?
Yes. Your required income depends on the loan tenure, the interest rate used to assess your application, and any existing debts. Clearing other loans frees up more of your 55% limit for the mortgage.
Can I use CPF for the downpayment?
You can use CPF for the portion of the downpayment above the 5% minimum cash requirement. Check your eligibility and CPF usage rules with CPF Board and your bank before committing.
More answers: How much downpayment do I need for a condo? · How much downpayment do I need for an HDB flat? · What salary do I need to buy a 1 million dollar condo? · What salary do I need to buy a 2 million dollar condo?
Sources: MAS — Total Debt Servicing Ratio · HDB / MAS — loan-to-value limits · IRAS — Buyer's Stamp Duty · Last verified 2026-10-19