Dear Sir/Mdm, I intend to purchase a new 2-bed rm EC in the west. Currently, I am staying in a 5rm flat which still have outstanding loan of around 200k but mop reached. Resale value now is 500-600k. Q1: If I can afford the 5% +15% (cash/cpf) for the EC of around 600k, will I be able to get a 80% bank loan base on current combined income around 6k and cpf of 50k? Ans1: To better answer your Q1, we would also need to know the age of the applicants and your other loan commitments, if any. If you are specifically referring to Yuan Ching Rd EC at Jurong, we would suggest an estimated price of $680k onwards for a 2BR unit. Q2: How does the TDSR affect our loan? Ans2: TDSR affects firstly by utilizing only 60% of your monthly income for loan instalments. Secondly, should you have other existing loans and credit card bills, these will further reduce the housing loan to be granted to you. Q3: If I intend to go for deferment scheme for ec, must I also factor the 3% deferment to be pay upfront when I pay for the downpayment? Ans3: For deferred payment (DPS), the additional 3% is factored into the sales price, for example, NPS $700,000, DPS will be $721,000. 5% booking fee will be $35,000 for NPS and $36,050 for DPS. Yes, you need to factor in the 3%, but as per above example, the additional for DPS is minimal at the 5% booking stage. Q4: Base on a 600k ec and taking 80% bank loan, how much am I looking at the monthly instalment if I can only loan up to 28years? Ans4: Based on your info above, and using a marked up interest rate of 2%pa, your monthly instalment is estimated at $1,850/mth. This figure is before using the sales proceeds from the sale of your HDB to partial clear your principle loan for your new EC. If you were to utilize the sales proceeds of $300k conservatively, your monthly instalment will be estimated $700/mth Based on $700k purchase price and using the same constants as above, 80% loan will return an instalment of estimated $2,150/mth If utilize the $300k sales proceeds from HDB, estimated $1,000/mth We are a team of experience, service oriented and friendly EC agents who have assisted many our of clients to purchase their EC homes. Call us for a discussion and we would be glad to assist and answer all your queries. Thank you and have a pleasant day ahead. Andrew Ngauw
8188 8887
andrew.ngauw@gps.com.sg GPS Alliance ** visit our website for more EC info www.sgECsales.com ***
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