Take an objective look at your monthly income and expenses, and decide how much you can really afford to set aside for your home. You should also check out the current balances in your bank account(s) and your CPF Account to see if you have sufficient funds.

 

You also need to review your other financial commitments like car loan, education loan, and insurance premiums which require deductions from your CPF Account or your bank account. There are also other miscellaneous items to consider as well, e.g. property tax, insurance protection for your home in the event of unforeseen circumstances, maintenance, etc.

 

If buying a home causes you to fall behind on other financial obligations, you may want to consider postponing the decision on homeownership.

 

Visit our Business Centre in Retirement Ready @ my cpf to help you make an informed decision.