What salary do I need to buy a 2 million dollar condo?
To buy a $2 million condo you borrow up to 75% ($1.5 million) on a first bank loan, so you need at least $500,000 upfront (25% downpayment), with at least 5% in cash. Roughly, you'd need a combined monthly income in the region of $19,000–$20,000, since all your monthly debts must stay within 55% of income under TDSR. Exact figures depend on your loan tenure and interest rate.
The full rules
Key rules for a $2 million condo
| Rule | Limit | What it means |
| Loan-to-value (first bank loan) | Up to 75% | Maximum loan of $1,500,000 |
| Minimum downpayment | 25% | $500,000 upfront |
| Minimum cash portion | 5% | At least $100,000 must be cash |
| Total Debt Servicing Ratio (TDSR) | 55% | All monthly debt repayments, including this loan, cannot exceed 55% of your gross monthly income |
Downpayment breakdown
- Of the 25% downpayment, at least 5% of the price ($100,000) must be paid in cash.
- The remaining 20% ($400,000) may be paid in cash or CPF.
On top of the price
You will also owe Buyer's Stamp Duty (see the worked example). Confirm your exact loan amount, tenure and interest rate with your bank.
Worked example
Worked example: $2,000,000 condo
Loan and downpayment
| Item | Amount |
| Property price | $2,000,000 |
| Maximum loan at 75% LTV | $1,500,000 |
| Downpayment (25%) | $500,000 |
| — Minimum cash (5%) | $100,000 |
| — Balance via cash or CPF (20%) | $400,000 |
Buyer's Stamp Duty (BSD)
| Price band | Rate | Duty |
| First $180,000 | 1% | $1,800 |
| Next $180,000 | 2% | $3,600 |
| Next $640,000 | 3% | $19,200 |
| Next $500,000 | 4% | $20,000 |
| Remaining $500,000 | 5% | $25,000 |
| Total BSD | $69,600 |
Income under TDSR
All your monthly debt repayments must stay within 55% of your gross monthly income. On a $1,500,000 loan, the repayment will depend on your tenure and interest rate — ask your bank to calculate this and work backwards. If your estimated monthly instalment were, say, $7,000 and you had no other debts, you would need gross income of at least $7,000 ÷ 0.55 ≈ $12,727 a month. Longer tenures and other debts (car loans, credit cards) change this figure, so get an exact assessment from your bank.
What this means for you
Single buyer, no other loans
You have the full 55% of income available for the mortgage. Focus on raising enough cash and CPF for the $500,000 downpayment, including $100,000 cash.
Couple buying together
You can combine both incomes for TDSR, which usually makes the 55% limit easier to meet. Both of you should confirm how your incomes are weighted with the bank.
Buyer with an existing loan
Car loans, personal loans and any existing mortgage count towards the 55% TDSR limit, reducing how much you can borrow. Clear or reduce other debts before applying.
Related questions
How much can I borrow for a $2 million condo?
On a first bank loan, up to 75% of the price — that is $1,500,000. You must fund the remaining $500,000 yourself as a downpayment.
How much cash do I need upfront?
At least 5% of the price must be in cash — $100,000. The rest of the 25% downpayment ($400,000) can come from cash or CPF.
What is TDSR and how does it affect me?
The Total Debt Servicing Ratio caps all your monthly debt repayments at 55% of your gross monthly income. Your mortgage plus any other loans must fit within this limit.
How much stamp duty will I pay?
Buyer's Stamp Duty on a $2,000,000 property works out to $69,600, payable on top of the price. Additional Buyer's Stamp Duty may also apply depending on your residency and property count — confirm with IRAS.
Does my loan tenure affect the income I need?
Yes. A longer tenure lowers your monthly instalment, so you need less income to stay within TDSR. Your bank can calculate the exact figures for your situation.
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 2026-10-19