6 Answers

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Thank you for your question!

For your situation, it's best to consult with our home finance advisor by calling 8769 5300  for further assistance.

Best regards,
PropertyGuru Team Read More

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, pls do note that 5% of the purchase price would be in cash.

Aaron Chong
 9730 8455 
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I would be glad to assist you.
Feel free to contact me @ 97100155  or https://linktr.ee/peiproperty.
Hope to hear from you soon.
Pei @Propnex Read More
YT Tan (陈永达)
Good evening Sir/ Mdm,

you can opt to use as much CPF to purchase a condo but for 5% option deposit, you will have to come out in cash.

If you are buying a resale condo, stamp duty will have to be payable in cash first then reimburse back in cash.

Care to share your requirements and budget in mind?

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

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YT Tan
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The restriction of CPF monies being used for property purchase is down to the age of the buyer as well as if any existing money has been utilised for current property. If I may know more about your situation, then I can provide a more accurate response.

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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.

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1) There are no restrictions on how much CPF in OA you could be utilized for a condo purchase if you are under 55 yrs old and this is your first property purchase with CPF.
2) But if this is your 2nd property purchase using funds from the CPF, you will have to set aside the Basic Retirement Sum (equivalent to the amount at the year of purchase).
You can then use any excess amount beyond the BRS for the purchase.
3) Funds in OA not only can be used for property purchase but they can also be used for buyer stamp duty and legal fees.
4) Since you planned to buy a condo, do note that you could only apply for a loan from the bank.
5) If this is your first mortgage loan application, then the maximum loan is 75% LTV (Loan-To-Value). Meaning the loan amount is pegged with the valuation value of the condo and not the purchase price.
Note that it will still be counted as the 1st mortgage loan if you had fully paid off any existing mortgage if you have any.
6) You will need a 25% down payment of which 5% must be in cash, and 20% can be in cash and/or CPF.

Please give me a thumbs-up if the answer provided is relevant to your main concern. Thanks!!!

Hope the above answer 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

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