Looking at relocating back SG and like to check how much deposit would I need if looking at purchasing SGD 1M property? I know I can't purchase HDB and have close to zero in CPF.
Considering this as your 1st residential property, you will be required to have 20% of $1m in cash since you have mentioned you have close to zero in CPF. Not to forget, there is also 3% stamp duty for purchase on top of legal fees.
Let me know if I can work out something for you.
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Its a minimum 23% for the private property, hence for $1mil you are looking at 230k for downpayment and stamp duties. Thanks and hope to value add to your plans further.
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If you are eligible for 80% bank loan, your initial outlay will be around 23% of the purchase price.
I will strongly advise you to obtain an in principle approval from a banker first so you can gauge how much initial outlay you will need to fork out.
Do get in touch with me so my banker can advise you accordingly.
Hope to hear from you soon!
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
Property Avenue Pte Ltd
Estate Agent no. L3010650D
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Best is to get IPA from bank for the loan first. Assuming you are eligible for 80% bank loan, for cash flow,
- 20% down payment
- 3% stamp duty
- 2.5 to 3K legal fee
There after, progressive payment if is under construction project.
To assist and advise you more in details, kindly drop me an email for me to share.
I am contactable at my mobile or email.
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