Asked by Leo
Hi, I am a Malaysian Chinese working in Singapore, holding PR.
Currently I am still single, but feel a bit "wasted" seeing my monies in the CPF but cannot be spent, and being a West Malaysian, I cannot withdraw the amount even if I give up my PR-ship.
Therefore, was thinking to have a small property in SG and stop paying rental to others.
I studied from many websites, maybe they are outdated due to recent new cooling measures, but what I gathered are as follows, assuming a 500k purchase price condo (just an example):
1. 5% cash is required, i.e. 25k
2. 15% CPF is required, i.e. 75k
3. The 75k has to be paid in cash, then claim back from CPF Board
4. The 80% can get from loan
5. The loan is only given to those earning GROSS income 8k/mth and above
6. Based on 400k loan, 2.6% rate, 35 years (I am below 30) tenure, the instalment is around 1450/mth
7. Based on 1450/mth, given every mth OA contribution is 1150, I only need to come out with 300 cash.
Currently I am still single, but feel a bit "wasted" seeing my monies in the CPF but cannot be spent, and being a West Malaysian, I cannot withdraw the amount even if I give up my PR-ship.
Therefore, was thinking to have a small property in SG and stop paying rental to others.
I studied from many websites, maybe they are outdated due to recent new cooling measures, but what I gathered are as follows, assuming a 500k purchase price condo (just an example):
1. 5% cash is required, i.e. 25k
2. 15% CPF is required, i.e. 75k
3. The 75k has to be paid in cash, then claim back from CPF Board
4. The 80% can get from loan
5. The loan is only given to those earning GROSS income 8k/mth and above
6. Based on 400k loan, 2.6% rate, 35 years (I am below 30) tenure, the instalment is around 1450/mth
7. Based on 1450/mth, given every mth OA contribution is 1150, I only need to come out with 300 cash.
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