What salary do I need to buy a 1.5 million dollar condo?
For a S$1.5m condo on a 75% bank loan (LTV limit), you borrow up to S$1,125,000 and need S$375,000 upfront (5% cash minimum). Under the 55% TDSR rule, servicing that loan over 30 years typically requires a gross income of roughly S$13,000–S$14,000 a month, assuming no other debts. Your exact figure depends on the bank's stress-test rate and tenure.
The full rules
What determines your required salary
Three MAS/IRAS rules set the maths for a S$1.5m condo purchase.
1. Loan-to-Value (LTV) — how much you can borrow
| Loan type | Max LTV | Min cash |
| First bank loan | 75% | 5% of price |
| Second bank loan | 45% | — |
| Third+ bank loan | 35% | — |
On a S$1.5m price, a first bank loan caps at S$1,125,000. You fund the remaining S$375,000 from cash and CPF, with at least 5% (S$75,000) in cash.
2. Total Debt Servicing Ratio (TDSR) — the income test
| Rule | Limit |
| Max share of gross monthly income for all debt repayments | 55% |
| Applies to | All property loans from financial institutions |
Your total monthly debt obligations (this loan plus any car, personal or other loans) cannot exceed 55% of your gross monthly income.
3. Buyer's Stamp Duty (BSD) — an upfront cost
| Portion of price | Rate |
| First S$180,000 | 1% |
| Next S$180,000 (to S$360,000) | 2% |
| Next S$640,000 (to S$1,000,000) | 3% |
| Next S$500,000 (to S$1,500,000) | 4% |
BSD is separate from your loan and must be paid in cash or CPF.
Note: The exact salary depends on the bank's stress-test interest rate and loan tenure, which are not fixed in the regulatory data. The worked example below shows the method using the fixed rules.
Worked example
Worked example — S$1.5m condo, first bank loan
Step 1 — Maximum loan (75% LTV)
- S$1,500,000 × 75% = S$1,125,000
Step 2 — Cash and CPF needed upfront
- Downpayment: S$1,500,000 − S$1,125,000 = S$375,000
- Of this, minimum cash (5% of price): S$75,000
Step 3 — Buyer's Stamp Duty (BSD)
| Tier | Amount | Rate | Duty |
| First S$180,000 | 180,000 | 1% | S$1,800 |
| Next S$180,000 | 180,000 | 2% | S$3,600 |
| Next S$640,000 | 640,000 | 3% | S$19,200 |
| Next S$500,000 | 500,000 | 4% | S$20,000 |
| Total BSD | S$44,600 |
Step 4 — Income test (55% TDSR)
Your monthly repayment on the S$1,125,000 loan must sit within 55% of gross income. If, for example, the repayment worked out to about S$7,000/month at the bank's stress-test rate, you would need gross income of at least S$7,000 ÷ 0.55 ≈ S$12,720/month — and more if you carry other debts.
> The repayment figure depends on the bank's stress-test rate and tenure, which are not part of the regulatory data. Ask your bank for its current computation.
What this means for you
Which situation fits you?
First-time private buyer, no other loans
You can borrow up to 75% (S$1,125,000) and need S$375,000 downpayment plus S$44,600 BSD. Your full 55% TDSR is available for the mortgage, so this is the lowest income threshold.
Buyer with an existing home loan
A second bank loan caps at 45% LTV, so you would need a far larger downpayment. Your existing repayment also eats into the 55% TDSR, raising the income needed.
Buyer with a car or personal loan
Those repayments count towards the 55% TDSR limit, reducing how much is left for the mortgage. You will need a higher salary than a debt-free buyer for the same S$1.5m property.
Related questions
How much can I borrow for a S$1.5m condo?
Up to 75% under the first bank loan LTV limit, which is S$1,125,000. You fund the remaining S$375,000 as downpayment, with at least 5% (S$75,000) in cash.
What is the TDSR limit?
55%. All your monthly debt repayments — including this mortgage and any car or personal loans — cannot exceed 55% of your gross monthly income. This applies to all property loans from financial institutions.
How much stamp duty on a S$1.5m condo?
Buyer's Stamp Duty totals S$44,600, using the residential tiers of 1% to 4% up to S$1.5m. It is payable in cash or CPF, separate from your loan.
Why can't you give an exact salary figure?
The 55% TDSR is fixed, but the monthly repayment depends on the bank's stress-test interest rate and loan tenure, which are not specified in the regulatory data. Ask your bank for its current computation.
Does an existing loan change what I need?
Yes. A second bank loan is capped at 45% LTV (third+ at 35%), so you need more cash. Existing repayments also count towards the 55% TDSR, raising the income required.
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 2026-09-05