If both you and your wife are SPR, you will be liable for an Additional Buyer Stamp Duty (ABSD) of 5% for your first residential property purchase. If you are SPR and your Wife is a Foreigner, you will be liable for ABSD of 20%.
Assuming both of you are SPRs, the breakdown in cost is as follows:
- 25% downpayment (up to max 75% loan subjected to TDSR)
- 3-4% Buyer Stamp Duty (BSD)
- 5% ABSD
- less than 1% conveyancing and other miscellaneous fee
In total, you will need to set aside approximate 34% of the property price. Based on your cash savings of S$130,000 (assuming no CPF), this will work out to be about $383,000.
Even though both your income of S$9,000 can qualify you for a higher loan of up to as high as S$1.2m, you will need to source for the funds for your downpayment (and other costs), should you be keen to purchase your first property here in Singapore.
Having said that, there may be other alternative ways which we may explore further. But I will need more information from you in order for me to give you a more appropriate recommendation.
I am experienced and well-versed in both private and HDB resale transactions. I will be able to assist you in your home purchase. 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.