Asked by Mr. Eric Aung
Hi, I am a SPR and looking for a 1BDR or 2BDR condo and would like to move in by end of this year. There are a few things that I would like to know.
I am looking at 500k property. So I would require
1) 5% down payment (Cash) = 25K
2) 15% down payment (CPF) = 75K
3) 8% stamp duty (3%+5%), Cash first then CPF = 40K
4) Legal Fees (Cash) = 3k
Total Cash required : 68K. My questions are:
1) For instance, after 15% down payment (75k) deduct from OA, if I only left the balance 20K in OA, meaning the stamp duties to be reimbursed back to me in cash is 20K?
2) How much can I withdraw from the CPF (OA)? If I am not wrong 100% from OA?
3) Let’s assume I get 80% from bank loan, can I make a monthly installment payment to the bank by CPF (OA)? (of course need to top up if the OA contribution is not enough for the installment plan)
4) Commission fees?
5) Lastly, can I get the 1BDR or 2BDR condo with 500k, possible?
Thanks.
Eric
I am looking at 500k property. So I would require
1) 5% down payment (Cash) = 25K
2) 15% down payment (CPF) = 75K
3) 8% stamp duty (3%+5%), Cash first then CPF = 40K
4) Legal Fees (Cash) = 3k
Total Cash required : 68K. My questions are:
1) For instance, after 15% down payment (75k) deduct from OA, if I only left the balance 20K in OA, meaning the stamp duties to be reimbursed back to me in cash is 20K?
2) How much can I withdraw from the CPF (OA)? If I am not wrong 100% from OA?
3) Let’s assume I get 80% from bank loan, can I make a monthly installment payment to the bank by CPF (OA)? (of course need to top up if the OA contribution is not enough for the installment plan)
4) Commission fees?
5) Lastly, can I get the 1BDR or 2BDR condo with 500k, possible?
Thanks.
Eric
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