Asked by Rey
Hi, hope there are some kind souls can answer my questions.
May I check, does the below standard still applied under the new measure?
For a 1 mil condo.
1% option fee so $10k cash
Then once u exercise your option, you gotta pay another:
4% in cash so $40k cash
And 15% can use cpf if you have enough (how much is enough? Can I use all?) so $150k from cpf ordinary acct.
So in all u have paid $50k cash and $150k from cpf OA
Stamp duty
3% of purchase price - $5.4k
You can use cpf provided it has not been wiped out. Else it is cash.
So $24.6k cash/cpf
Legal fees
Your bank can cover a certain amount but it usually costs $2k-ish if it's a very straight forward deal
Usually can be covered by bank fully.
Appreciate your help. Thank :)
May I check, does the below standard still applied under the new measure?
For a 1 mil condo.
1% option fee so $10k cash
Then once u exercise your option, you gotta pay another:
4% in cash so $40k cash
And 15% can use cpf if you have enough (how much is enough? Can I use all?) so $150k from cpf ordinary acct.
So in all u have paid $50k cash and $150k from cpf OA
Stamp duty
3% of purchase price - $5.4k
You can use cpf provided it has not been wiped out. Else it is cash.
So $24.6k cash/cpf
Legal fees
Your bank can cover a certain amount but it usually costs $2k-ish if it's a very straight forward deal
Usually can be covered by bank fully.
Appreciate your help. Thank :)
787 views
May I confirm with you, is there a minimum amount of money must be left in cpf oa or can I just wipe all out for the purchase? Another question is for the 15%, can it be pay by a combination of cpf and cash? Hope you can enlighten me? thank. :)