What salary do I need to buy a 2 million dollar condo?
For a $2 million condo with a 75% bank loan, you borrow up to $1.5 million and need $500,000 upfront (at least 5% in cash). Under the 55% TDSR cap, a 30-year loan needs roughly $13,000-$14,000 in monthly income, assuming no other debts. Add about $69,600 Buyer's Stamp Duty on top.
The full rules
The three rules that decide affordability
| Rule | Limit | Source |
| Loan-to-Value (first bank loan) | Up to 75% of price/value | HDB/MAS |
| Minimum cash portion | At least 5% of price | HDB/MAS |
| Total Debt Servicing Ratio (TDSR) | Monthly debt repayments ≤ 55% of gross monthly income | MAS |
What this means for a $2,000,000 condo
| Item | Amount |
| Maximum bank loan (75%) | $1,500,000 |
| Minimum downpayment (25%) | $500,000 |
| Of which minimum cash (5% of price) | $100,000 |
Your gross monthly income must be high enough that the loan repayment, plus any other debts (car loans, personal loans, credit cards), stays within 55% of income.
Buyer's Stamp Duty (BSD) — residential tiers
| 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% |
BSD is a cash/CPF cost on top of your downpayment.
Note: The exact income figure depends on the interest rate and loan tenure your bank uses to compute repayments. The data provided does not specify a stress-test rate, so treat income estimates as indicative.
Worked example
Worked example: $2,000,000 condo, first property
Loan and cash needed
| Item | Amount |
| Purchase price | $2,000,000 |
| Max bank loan (75%) | $1,500,000 |
| Downpayment (25%) | $500,000 |
| Minimum cash (5% of price) | $100,000 |
Buyer's Stamp Duty (BSD)
| Tier | Working | 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 | |
| Next $500,000 × 5% | (to $2,000,000) | $25,000 |
| Total BSD | $69,600 |
Income under TDSR
On a $1,500,000 loan over 30 years, a typical monthly repayment is roughly $7,000-$7,500. With the 55% TDSR cap and no other debts, required gross monthly income is about $13,000-$14,000. Any car loan, credit card balance or personal loan reduces this headroom and pushes the required income higher.
*Repayment and income figures are indicative; the exact numbers depend on the bank's interest rate and stress-test assumptions, which are not fixed in the provided data.*
What this means for you
Single buyer, no other debts
You get the full 55% TDSR headroom for the mortgage. Aim for roughly $13,000-$14,000 gross monthly income to service a $1.5m loan, plus $500,000 downpayment and $69,600 BSD in savings.
Couple buying jointly
Banks can combine both incomes, so two salaries of around $6,500-$7,000 each may qualify. The 75% LTV and 5% minimum cash still apply to the combined purchase.
Buyer with an existing car or personal loan
Those repayments count towards your 55% TDSR first, shrinking what's left for the mortgage. You'll need a higher income than a debt-free buyer for the same $2m purchase.
Related questions
How much cash do I need upfront?
At least 5% of the price — $100,000 on a $2m condo — must be cash. The rest of the 25% downpayment ($400,000) can come from CPF or cash. Buyer's Stamp Duty of $69,600 is additional.
How much can I borrow?
Up to 75% of the price on a first bank loan, so $1,500,000 on a $2,000,000 condo. Second bank loans are capped at 45% and third or more at 35%.
What is TDSR?
Total Debt Servicing Ratio caps your total monthly debt repayments at 55% of gross monthly income. It applies to all property loans from financial institutions and includes car loans, credit cards and other debt.
How much is stamp duty on a $2m condo?
Buyer's Stamp Duty is $69,600, calculated across the residential tiers up to 5% on the portion above $1,500,000. This is payable in cash or CPF, separate from your downpayment.
Why can't you give an exact salary figure?
The required income depends on the interest rate and loan tenure the bank uses to compute repayments. The provided data sets the 55% TDSR cap but not a stress-test rate, so income figures here are indicative.
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 1.5 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