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Home Financing

Asked by Anonymous 27 Jul 2018

Based on the new LTV limit of 75%, for a $1 mio condo and $80k cpf, is it true that I have to reserve 5% CPF for half of stage 1 Foundation payment i.e. $50k.

Hence, i can only use $30k of my cpf for the downpayment and the shortfall by cash?

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Ivan Ng · Answer 1 · 2018-07-28T14:28:46+08:00

Ivan Ng

Replied 28 Jul 2018

Hi,

Typical breakdown as follows if its SC purchasing 1st residential property, with no other residential property at the moment :

Cash 5% 50k
CPF OA 20% 200k
Max bank loan 75% 750k
Stamp duties and legal fees approx 3% 27.6k

The bank will only approve the loan if there's sufficient funds to cover the downpayment and stamp duties (ie. Approx total 278k cash+CPF OA), hence you must have approx 200k cash ready.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,
Ivan Ng ERA ASAP
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D. Kumar · Answer 2 · 2018-07-28T19:59:59+08:00

D. Kumar

Replied 28 Jul 2018

Hi,

Do contact me directly to share explicitly and clearly how the revised payment structure is like for your understanding.
Thank you very much !

Visit my website for my recent accolades, awards and testimonials@ www.kumarrai.com.

D Kumar
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ERA Associate Division Director

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