"True words are not pleasant; pleasant words are not true".

The truth to your current condition - you cannot afford this property with your current salary. It was an impulsive/ emotional decision.

You are ready for your 1st house when this conditions are fulfilled:-

1) Able to fork out 10% down payment.
2) The monthly commitment of your installment < 1/3 your net salary. Anything more than this, you will be choked financially & don't have room for contingency.
3) Additional 5% for the legal fees ( loan agreement, SPA, MOT).

Current market, the rental is dirt cheap, the landlord is subsidizing for tenant rent ( the rental cannot cover landlord monthly installment to bank ).

Just rent until you are financially ready. If you were to remove all the emotions in this decision making (ego, sentimental, etc), decline the signing. Let the booking burn.

This post has been edited by nihility: Apr 9 2022, 12:10 PM