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The amount you will be able to loan depends not only on your income, but also your age and your TDSR.
Without these information, nobody will be able to correctly advise you on the financial calculations for your purchase.
Should you need any further assistance in matters relating to property, please contact me at my mobile 9748 6305. I will be happy to assess and share with you the possibilities for you and your partner in the current market.
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Happy 2018 to you!
Based on your monthly income of $5.5k, you are able to loan up to max $1,168,000 if you are able to take up 30 years loan and you dont have any debts like car loan, credit cards etc.
Loan is subject to max loan tenure of 30 years or up to retirement age of 65 years old and total debt servicing ratio.
Therefore your 20% downpayment will be 5% cash and 15% cash or cpf.
On top of that do take note that as a SPR, you will be subject to additional buyer's stamp duty of 5%. Total 8%.
Hope my explanation helps!
May I know how can I value add further in your property purchase?
"Your Freehold Ally, Leasehold Tactician"
YT TAN 陈永达 | ACCA Graduate, RES
Associate Group Director
Propnex Realty Pte Ltd
Blk 480 Lorong 6 Toa Payoh, #11-95 HDB Hub East Wing, Singapore 310480
(M): +65 9111 5171
Platinum achiever (Clock $100k commission within 1 month) August 2017(Propnex)
Top Individual Achiever August 2017(Powerful Negotiators Group)
Top Private Property Transactors January 2017 (Propnex)
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First and foremost, I congrats you on the decision to purchase a property in Singapore. Singapore Property will definitely one of the most secured investment instrument.
For Private property such a Condo, the typical mortgage loan is maximum 80%. The down-payment 20% are be combination of CPF & Cash (Min 5%).
There are some factors you need to take note:
1. TDSR (Total Debts Servicing Ratio): You are only allowed to use up to 60% of your monthly to pay for your monthly Mortgage instalment.
2. Your current Age: This will affect your mortgage Tenure (how many years to fully repay the mortgage loan)
3. ABSD (Additional Buyers Stamp Duties): As you are on SPR Status, you are required to pay 5% ABSD for your 1st property. This is on top of the 5% BSD (Buyer Stamp Duties). In all, you need to prepare 8% of the purchase price for the duties.
It is difficult for me to provide you with further information as the details you provided are limited. It will be great that we can meet up/call to discuss further, so I can provide you with more accurate information before you make any decision.
Hope the above address to your concern, but if there are more queries, please feel free to call/WhatsApp me at 9366 1846, or email: email@example.com if more information is needed.
I’m obliged to assist your needs.
BA Design (Hons), DIP Architecture
Contact: (+65) 9366 1846
Whatapps: (+65) 9366 1846
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-- HDB Sengkang 4rm Landlord Ms Lim--
We approach Shawn to rent out our unit because he is always present in my area, through flyers and road show. He secured our tenant with my expected rental within 2 weeks of marketing and handle all the necessary arrangements. It was a hassle-free experiment for us. Currently, we are getting him to renew our tenancy with the existing tenant.
--- First Time Executive Condo Buyer Mr. & Mrs. Soo ---
We are referred to Shawn by our friend who bought a resale HDB through his services.
At that time, we are pondering whether to buy a resale or BTO. Shawn professionally explained the pros/cons on all possible options. We finally decided to buy a EC after he gone through the financial calculations with us.
We have since moved into our EC and very happy with our new home. Good Job, Shawn
-- HDB 3-rm Sellers Mr. & Mrs. Ang --
We have engaged the services of Shawn Khoo for sale of our flat at Whampoa. We previously faced issues selling our unit. Shawn clearly explained how he is going to market our unit.
Shawn is hardworking and committed to his work. He run Open-House for our unit every week and update us on the status regularly.
We managed to sell our unit within a short period of time. Thanks, Shawn Read More