Hi,
1) Using a monthly salary of 3k to do a simple TDSR assessment, your possible loan amount is around 400k.
2) By taking a bank loan your maximum budget should be 400k/0.75 = 533k.
3) 25% downpayment where 5% must be in cash, = 26.65k, 20% casn be cash and/or CPF = 106.6k.
4) Looking at your current finance on surface = 90k+ 55k = 145k seems ok.
5) Buyer stamp duty (~3%) = 10,590. Legal fee = 2.5k. Total admin cost = 13,090.
6) Total cost of purchase = 26.65 + 106.6k + 13.09k = 146.34
7) Your total saving = 145k, thus your short forth is 1.34k in order to complete the sales.
8) I'm also assuming you are not subject to ABSD.
9) I would say it is crucial that you take extra care before committing any purchase because your ideal price range and your available fund are on a knife-edge, any miscalculation could spoil your deal altogether.
10) Suggest you speak to a banker to get at least an IPA before you start your home.
11) Before I end, the last reminder is your monthly mortgage will be around 1.341k/mth if using an interest rate of 1.3%. Don't forget about the condo monthly maintenance and sinking fund is an average of around 250/mth. So ensure you also take this into your consideration before your purchase. Because some smaller condos might have a higher maintenance and sinking fund rate.
All the best!!!
Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at
90110636
, or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer
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