What salary do I need to buy a 1 million dollar condo?
To buy a $1 million condo with a bank loan, you can borrow up to 75% ($750,000) under the LTV limit, leaving $250,000 down payment (at least 5% in cash). Your total monthly debt, including this mortgage, must stay within the 55% TDSR cap on your gross income. The exact salary depends on your loan tenure and interest rate, which this data does not specify.
The full rules
Rules that decide your salary requirement
| Rule | Limit | Applies to |
| Loan-to-Value (first bank loan) | Up to 75% of price | Bank home loans |
| Minimum cash down payment | At least 5% | Bank home loans |
| Total Debt Servicing Ratio (TDSR) | Max 55% of gross monthly income | All property loans from financial institutions |
| Buyer's Stamp Duty (BSD) | Tiered, see below | Residential purchase |
On a $1,000,000 condo
| Component | Amount |
| Maximum bank loan (75% LTV) | $750,000 |
| Down payment (25%) | $250,000 |
| Minimum cash (5% of price) | $50,000 |
Buyer's Stamp Duty tiers (residential)
| Portion of price | Rate |
| First $180,000 | 1% |
| Next $180,000 (to $360,000) | 2% |
| Next $640,000 (to $1,000,000) | 3% |
| Next $500,000 (to $1,500,000) | 4% |
| Next $1,500,000 (to $3,000,000) | 5% |
| Above $3,000,000 | 6% |
Note: TDSR sets the income link — your monthly mortgage repayment plus other debts must not exceed 55% of your gross monthly income. The precise salary depends on your loan tenure and interest rate, which are not provided in this data.
Worked example
Worked example: $1,000,000 condo
Loan and down payment
- Price: $1,000,000
- Maximum bank loan at 75% LTV: $750,000
- Down payment (25%): $250,000
- Of which at least 5% ($50,000) must be paid in cash
Buyer's Stamp Duty
| Portion | Rate | BSD |
| First $180,000 | 1% | $1,800 |
| Next $180,000 | 2% | $3,600 |
| Next $640,000 | 3% | $19,200 |
| Total BSD | $24,600 |
Income check (TDSR)
Your monthly repayment on the $750,000 loan, plus any car or personal loans, must stay within 55% of your gross monthly income. The exact monthly repayment — and therefore the salary you need — depends on the loan tenure and interest rate, which this data does not specify. Ask your bank for a repayment figure, then divide by 0.55 (after deducting other debts) to size your required income.
What this means for you
Which path fits you
Buyer with no other debts
All 55% of your gross income can go toward the mortgage, so you qualify at a lower salary than someone with existing loans. You still need $250,000 down payment, with at least $50,000 in cash.
Buyer with a car or personal loan
Those repayments count within the 55% TDSR cap, reducing how much mortgage you can service. You will need a higher salary, or you must clear other debts first.
Buyer already holding a property loan
A second bank loan is capped at 45% LTV, not 75%. That means a much larger down payment on the $1 million condo — plan for this before committing.
Related questions
How much can I borrow on a $1 million condo?
Up to 75% of the price — $750,000 — as a first bank loan under the LTV limit. You cover the remaining $250,000 as down payment, with at least 5% ($50,000) in cash.
What is TDSR and why does it affect my salary?
TDSR caps your total monthly debt repayments at 55% of your gross monthly income for property loans from financial institutions. Your salary must be high enough that the mortgage fits inside this limit alongside other debts.
How much stamp duty on a $1 million condo?
Buyer's Stamp Duty totals $24,600: 1% on the first $180,000, 2% on the next $180,000, and 3% on the remaining $640,000.
Does having a car loan change what I need?
Yes. Car and other loan repayments count toward the 55% TDSR cap, leaving less room for the mortgage. You would need a higher income, or to reduce other debts.
Can this data tell me the exact salary?
No. The exact salary depends on your loan tenure and interest rate, which are not in this regulatory data. Ask your bank for the monthly repayment, then apply the 55% TDSR rule.
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 2026-09-05