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Hi,

It looks like $800k +/- is a purchase price you should work with based on the info shared. Breakdown as follows

Downpayment Cash 5% $40k
Downpayment Cash / CPF OA 20% $160k
Stamp duties (BSD & ABSD) and Legal Fees approx 8% $61.1k
Max bank loan 75% $600k

Based on your income, you should be able to loan up to $978k so it shouldn't be an issue (subject to bank approval).

There are some 1 & 2 bedroom units in the outer areas that you can consider. Hope the above clarifies. May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
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Based on the information you provided, it appears that you are in a good financial position to purchase a small condo. With a monthly household income of $9,500 and a total of $255,000 in savings and CPF, you could comfortably afford a resale condo within your budget.

To determine a suitable price range for your condo, you should consider factors such as location, size, and amenities. In general, smaller condos located in suburban or less central areas tend to be more budget-friendly. You may also want to consider older developments, which tend to be cheaper than newer ones.

Assuming you are eligible for a mortgage loan of up to 75% of the property price, and you have a total of $255,000 in savings and CPF, you could potentially purchase a condo that costs up to around $1.18 million.

However, it is important to note that there are additional costs associated with purchasing a property, such as legal fees, valuation fees, and stamp duty. These fees can add up to a significant amount, so it is important to budget for them when planning your purchase.

Here is an approximate breakdown of the additional costs you should expect when purchasing a condo:

Max Property Price S$ 1,184,227

Loan Amount: S$ 1,034,227

Down Payment S$ 150,000

Buyer Stamp Duty S$ 31,969

Additional Buyer Stamp Duty 5% S$59,211

Legal Fees S$ 2500 - 3000

Total Stamp Duties & Legal Fees: S$ 94,180

Valuation fees: This is typically around $500 to $1,000, depending on the size and location of the property.

This is a conservative and safe figure that would leave some cash behind for you.

Based on these estimates, you should budget for an additional $80,000 to $100,000 in fees and taxes when purchasing a condo.

In summary, with a monthly household income of $9,500 and a total of $255,000 in savings and CPF, you could comfortably purchase a small condo within your budget. To determine a suitable price range for your condo, consider factors such as location, size, and amenities. When budgeting for your purchase, remember to factor in additional costs such as legal fees, valuation fees, and stamp duty.

I hope this helps. I'm available for a chat at your convenience.

Wimal WA
PropNex
CEA: R067600G
Mobile: +6593826862  Read More

Hi,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead. By the way, could I refer a mortgage broker to you?

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Hello,

Based on a combined income of $9500 and if both you and your spouse are 38 years old, you would qualify for a loan of $1,034,227 for a private property purchase. You would be able to purchase up to $1,378,969 and take a 75% loan.

However your case is not so straightforward as you might have to pay 30% ABSD which is the ABSD rate applicable to foreigner if you were to purchase in joint name with your wife. Many of my clients in your shoes choose to buy only in the name of the PR as the ABSD rate applicable to PR is 5% only compared to 30% as a foreigner. This is something you do have to take note of.

I would need to know the breakdown of your individual income and your wife's income to structure the purchase for you to see if it is feasible to purchase in only your name so that you do not have to pay the higher ABSD rate.

For a private property purchase you would have to take note of
1) Buyer stamp duty
2) Additional buyer stamp duty
3) Legal fees (approx 2.5-3k)
4) Valuation fee (about $500-$1000) depending on property size

You can call or text me at 83885426  or whatsapp me using this link wa.me/6583885426 to discuss your situation more in detail.

Best Regards,
Joseph Ng
Associate Marketing Director
Propnex Realty
 83885426  Read More

Dear Stack Flow,

While you have provided relevant information on the finances and income, we are still missing detail like age of your wife in order to work out a more accurate estimated loan size. In fact what I really recommend is to run through together with you a consultation session either through web conference or we can meet up in person to run through the entire process so we can have all your query answered.

I have been in the real estate business since 2009, with more than 13 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

Warmest regards,
Geryl Lim
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Good evening,

Care to share what's your individual income for loan assessment consideration?

Why do I ask so?

Do take note that ABSD applicable will be based on the higher of the residency status' rate.

5% vs 30% so actually I will propose to buy under your sole name.

With your income info, I will be able to estimated your budget along with your CPF and savings on hand.

Hope my sharing helps in aiding in your enquiry. May I know how can I value add further in your property needs?

Best regards,

YT Tan
Property Kaki
You dream. I create. We make it happen!
Association of Chartered Certified Accountants Graduate
Singapore Accredited Mortgage Planner

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Hi, allow me to share with you soon. I started the private property journey as the age of 26 and able to share my past 3 purchase.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex Read More

Hi,

Yes, you're eligible to purchase a non-landed private property in Singapore.

Do take noted that as your spouse is a foreigner, ABSD of 30% is applicable if you purchase the condo under joint names. If it's only purchase under your sole name, ABSD will only be at 5%.

In order to calculate the amount of loan you can qualify, I will need your income, and not the combined household income.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

Hi,
I would be glad to assist you.
Feel free to contact me at 97100155  .
Hope to hear from you soon.
Pei
Associate Group Director
Propnex Realty Pte Ltd

https://linktr.ee/peiproperty
https://r011838b.propnex.net Read More