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Can someone give me a precise clue how much cash drilldown do i need to prepare to buy hdb $650k, cov 30k?
We are a couple working pr.

1. Can we borrow partial cov from bank?
2. Is it now the tax duty 1st time home 8%? Can i borrow partial from bank?
3. The 20% downpayment can i also use our cpf?
4. How much cash i really needed that i cant borrow from bank?

Thanks.
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1 Answer

Mike Lim
Replied
Morning,

Let me assume that you have zero CPF and are able to get 80% loan, you will need around $230k cash, inclusive of COV, ABSD, legal plus stamp duty. This is provided that your combined income is sufficient for you to get $515k mortgage loan.
You can definitely take personal loan from bank to settle whatever cash component you are short of but do take note of your cash liquidity.
ABSD is payable by cash while legal and stamp fee, 15% downpayment are payable via CPF.

FYI
Mike Lim
 96929209 
m52i@yahoo.com
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