2 Answers

Geryl Lim
Hi Mike,

You have $100k cash, and basing on that alone, for 20% downpayment, is equivalent of purchase price of $500k, but how much CPF are you able to utilise for this 2nd purchase and have you approached any banks to do an AIP to know the amount of loan you can take? These are pre-requisites to plan out a purchase of private property without overstretching your cash.

Regards,
Geryl LIM
Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565
Email: lim.geryl@yahoo.com.sg Read More

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Mike Tay
Dear Mike

With the 100K cash, your condo budget is about $458,000. This is insufficient for a 2 bedroom resale condo.

Options to Purchase 1% $4,580.00
Exercise Options (14 days) 4% $18,320.00
Remaining Balance $68,700.00
Stamp Duty (3%-$5,400) $8,340.00
Total $99,940.00

If you can increase your cash/cpf by about 67K. Your budget should be around $750,000. There are 2 bedrooms at this amount.

Note, you have to set aside half of the minimum sum i.e. $65,500 if you are using CPF for your 2nd property purchase. The amount can be from your OA/SA/SA-Investment. The minimum sum is reviewed 1 July yearly.

Do call me at (65)-9745-5178 or email miketaysoen@gmail.com for any clarification.

Thks & regards,

Mike Tay (郑树荣)

B.Sc. (NUS), EMBA (SUNY)
CEA Reg:R042367C

M: +65 97455178
E: miketaysoen@gmail.com

HSR International Realtors Pte Ltd
Estate Agent Reg No: L3002226G Read More

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