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Hi,

It is best advised you speak to any mortgage advisors from any banks for more accurate information on your loan quantum as every bank has different credit assessments.

Please do note banks can only finance up to 80% of purchase price if the bank can match the valuation from developer and there is about 3% stamp duty and about 2k legal fee for the property purchase which can be financed using your cpf.

You are also entitled to government grants which can help offset some of your 20% downpayment based on your reported income.

Hope above helps.

Let me know if you have any further queries and I am most glad to assist.

Warmest regards,
Alfred
DTZ
cheealfred@gmail.com
 96428496  Read More

Hi,

Assume you have no other financial commitment, you are right that you can use up to 60% of your monthly income which is $3,000/month to service the mortgage loan.

However, the TDSR (Total Debt Servicing Ratio) framework uses a 3.5% interest rate for residential property. As such, the estimated loan amount based on 30-year loan tenure is approx $668,000.

Best regards,
Jeron Lee
Mobile: +65-90015060 
Email: jeronlee@gmail.com
PropNex Powerful Negotiators Read More

Good Morning there,

Looks like you have some answers on your financial standing presented to you by my esteemed colleagues.

While part 1 is answered, part 2 however remains:

Which EC currently in the market is more worthwhile to consider?

Answer: Got to do some homework on your housing objectives, current address and workplace etc..

SMS or call me at 9353 0099  , I can give you a good choice for EC, consider it over, pls.

Regards
James Read More