Morning Mdm Goh,
In purchasing a private property, the procedures are pretty simple.
After selected the unit that you like, make an offer to purchase with 1% option money. Once accepted by the sellers, they will issue a option to purchase and you have to exercise it within 2 weeks (duration negotiable) with another 4% deposit addressed to seller's law firm.
Since you have fully paid for your EM, you are able to loan up to 80% loan. 20% make up of 5% cash (deposit) and 15% CPF. If there's any shortfall in CPF, cash will need to be forked out.
Other possible cash outlay for private property:
1) Buyer's stamp duty [(3% x purchase price) -$5,400]
-- cash first then reimbursed back--
2) legal fees of $2500 to $2800 (partially subsidised by banks)
3) stamp duty for mortgage - capped at $500
Do you want me to introduce some bankers to advise you on the loan packages and the possible loan amount you can loan?
Btw with an budget of $1.5M, it's pretty difficult to buy a landed property especially a Semi D in Singapore nowadays. Let the bankers advise you first before we embark on your house search.
Hope to hear from you soon!
Warmest Regards,
YT TAN
ECG Property Pte Ltd
Mobile:
(+65) 9111 5171
Email: yt.lovelyhomes@gmail.com
Website: www.yttan.com/
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