AskGuru Q&A Community

Get answers from PropertyGuru experts in 24 hours

Asked by
Hi. As part of home buying I understand that buyers need to pay an initial 1 % option fee followed by another 4% option fee in cash. Now my question is how much time the buyer has to pay for the balance 20% of the transaction. (the rest 75% would come from the bank)??

And when is the ABSD and stamp duty payable? Is it along with the balance 20% or after that?

Thanks in advance...
0 •
417 views
Upvote Upvoted
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

4 Answers

Ivan Ng
Replied
Good afternoon,

I assume you are referring to private property resale transaction, and you do not own any property at the moment. I also assume you are eligible for 75% max loan, and have CPF OA amounting to 20% of the price/valuation. The balance 20%+75% (95%) is typically just before the completion of the sale. The bank will disburse the 75% and the the law firm will write in to apply to draw down your CPF OA. The BSD & ABSD is payable within 14 days of the date of exercising of your Option to Purchase.

If you need more clarification based on your unique case, perhaps we can discuss further at 97432395  . May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Top 600 Achievers in Year 2017 (Top 10%)
ERA Top 300 Achievers in 3rd Quarter 2017 (Top 5%)
SMU BBM (Finance), Magna Cum Laude
Proactive. Sincerity. Feedback.

Contact: (+65) 97432395 
Email: Ivanng10@gmail.com
IG: instagram.com/ivanngrealtor
FB: facebook.com/ASAProp
W: ivanng10.com/clientreviews
(Client's Testimonials)

**Note: We are not prompted when you respond here, hence please get in touch directly. Look forward to hear from you soon! ** Read More
0
Upvote Upvoted
Aaron Chong
Replied
Hi, stamp duty and ABSD will be payable within 2 weeks upon exercising the OTP. The rest will be later before the completion date. I could give you a detailed payment format if you do required one and pls feel free to let me know if you need any assistance.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
1
Upvote Upvoted
  • AK
    Replied
    Thank you both for the valuable update . My question is how much time I have to pay for the balance 20% after I have made the initial 5% payment ? This is because I may not have all balance 20% in OA and need to chip in with cash.Is there a specific time frame like 4 weeks , 6 weeks etc..

    Thanks in advance..
Gavin Ng
Replied
Hi

There are different payment structures when buying a home from a different market segment. It would seem that you are talking about private resale property. Yes, 1%+4% down, the rest of the payment will be before completion.

For Buyer Stamp Duty and ABSD will have to be payable within 14 days from the date of exercise.

You may like to know that currently if you engage an agent you may not need to pay a commission for buying private property. However, you can leverage from their knowledge and experience and be guided on the various issues that you may have.

You may text or call 9620 0827  for an open discussion.

Regards

Gavin Read More
0
Upvote Upvoted
Silvia Yang
Replied
Hi Sir/Madam

I assume you are looking to buy resale private property?
I will be glad to assist with details calculation and timeline

As I won't be able to pm you first due to pdpa, appreciate if you can contact me at (65) 96608508  or Silviayang8@gmail.com
or click here http://bit.ly/2tzIQ1a to whatsapp me for no obligation discussion
Thank you.

Warmest regards,

Silvia Yang

PropNex Realty Pte Ltd
Mobile: (65) 9660 8508 
Email: Silviayang8@gmail.com Read More
0
Upvote Upvoted

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Ask Your Question
Previously Asked Questions