How can newly wed couples or single buy their first property – HDB Flat, Condo, Landed Property

Saving a portion of your monthly salary for approximately 5 to 6 years will help you purchase your first property and kick start your property investment portfolio. This is important because you need a huge amount of cash for your down payment. And also always keep in mind of the mortgage loan rates, which every banker predicted that it will raise. So be sure to save more than 4% to 5%. Giving the scenario that, bank interest rate will raise to 4% or more.

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Therefore, even the interest rate raised to 4% or more, your monthly loan will still be covered by your savings. Remember to keep your debt service ration to a manageable level and with 2 years of cash in your fixed deposit (You cant do fixed deposit any more in local ATM in Singapore. You can only do a transfer from your savings to fixed deposit account via Internet banking or via the bank counter. Therefore, do learn how to do Internet banking. Its easy and help build up your backup funds. Incase, there are some unforeseen issue, like economy crisis, job lost, accidents, etc.

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