Advice given in my book on Financial Planning
- Property should be within 5 years of family income (less cost of employing a maid)
- Repay the loan within 25 years
- Monthly repayment (including withdrawal from CPF) to be less than 25% of family income
My advice is - buy a lower price property that you can service comfortably. It can be smaller or outside of the prime areas. If not, rent a property.