Hi Reddit,
I am a 27 year old who has been working for 3 years with a net income of 5k a month, been fortunate enough to live with my parents the past years without paying any rent but I do have an existing car loan of 20k which is expected to be fully paid by 2026. 85k in savings with a portion of it invested into stashaway/public mutual. In a stable long relationship with my gf.
I’ve been scouting around for my first own stay home for almost a year now and have finally found one that I really like which costs near to 500k with HOC benefits, fully built by 2025. Booked a unit and proceeded to apply for loan applications. Managed to get 90% loan with a good IR from a local bank, expected to pay a monthly instalment of 1.7k plus 300 of maintenance/sinking fees. Haven’t signed SPA. No co-applicants.
My only worry right now is the commitment involved, I will be married to this loan for 35 years and I am worried that the loan will affect my lifestyle heavily. I love to travel but the recent pandemic has put a stop to those plans. My family isn’t really pressuring me into moving but would love to have a place to live of my own by 30-ish. My work allows me to work remotely most of the time which kinda removes the location issue. If I were to commit to this, I will need to make sure my income rises to ideally be above 8k/month.
Would like to get a second opinion if I’m really just rushing into things, thanks !