What salary do I need to buy a 1 million dollar condo?
To buy a $1 million condo you generally need around $10,000–$11,000 in gross monthly income, assuming no other debts. Banks cap your home loan at 75% of the price ($750,000), so you must cover a 25% downpayment ($250,000) plus Buyer's Stamp Duty of $24,600. Your total monthly repayments must stay within 55% of gross income.
The full rules
The three rules that decide what you need
| Rule | Limit | What it means for a $1m condo |
| Loan-to-Value (LTV) | Up to 75% on a first bank loan | Maximum loan of $750,000 |
| Downpayment | 25% of price | $250,000, of which at least 5% ($50,000) must be cash |
| Total Debt Servicing Ratio (TDSR) | Repayments ≤ 55% of gross monthly income | Your loan plus all other debts must fit inside this |
Your required salary is driven by the TDSR. The bigger your loan and any existing debts (car loans, personal loans, credit cards), the higher the income you need.
Buyer's Stamp Duty (BSD) on $1,000,000
BSD is charged in bands:
| Portion of price | Rate |
| First $180,000 | 1% |
| Next $180,000 | 2% |
| Next $640,000 (up to $1,000,000) | 3% |
This is a separate upfront cost on top of your downpayment.
Worked example
Worked example: a $1,000,000 condo
Upfront costs
| Item | Amount |
| Maximum bank loan (75% LTV) | $750,000 |
| Downpayment (25%) | $250,000 |
| — minimum cash (5%) | $50,000 |
| — remainder (CPF or cash) | $200,000 |
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 |
| Total BSD | $24,600 |
Income needed
Your monthly repayment on the $750,000 loan must sit within 55% of your gross income, along with any other debts. The exact figure depends on the interest rate and loan tenure your bank applies. As a rough guide, a repayment in the region of $3,500–$4,000 a month points to a gross income of about $10,000–$11,000 if you carry no other debt. Confirm the precise figure with your bank, as it depends on the rate used to assess you.
What this means for you
Which situation fits you?
Debt-free single buyer
With no car loan or other commitments, your full 55% TDSR headroom goes to the mortgage, so you need the lowest income. Make sure you have $250,000 for the downpayment and $24,600 for stamp duty.
Couple buying together
You can combine both incomes to meet the 55% TDSR, which usually makes a $1m condo far more reachable. Both of you can also contribute CPF towards the portion of the downpayment above the 5% minimum cash.
Buyer with an existing car or personal loan
Those repayments are counted inside your 55% limit, so you'll need a higher income than a debt-free buyer. Clearing other loans before applying frees up borrowing room.
Related questions
How much cash do I need upfront?
At least 5% of the price — $50,000 on a $1m condo — must be paid in cash. The remaining 20% of the downpayment can come from CPF or cash. You'll also need $24,600 for Buyer's Stamp Duty.
Can I borrow more than 75%?
Not on a first bank loan. The loan-to-value limit caps your loan at 75% of the price, so $750,000 on a $1m condo. The other 25% is your downpayment.
What is TDSR?
The Total Debt Servicing Ratio limits all your monthly debt repayments — mortgage, car loan, credit cards and more — to 55% of your gross monthly income. It applies to every property loan from a financial institution.
Does an existing loan affect how much I can borrow?
Yes. Any existing repayments count towards your 55% TDSR limit, reducing how much you can put towards the mortgage. Clearing other debts before applying increases your borrowing capacity.
Why can't you give me an exact salary figure?
The precise income depends on the interest rate and loan tenure your bank uses to assess you, plus any other debts you carry. Your bank will calculate this against the 55% TDSR limit when you apply.
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 1.5 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