4 Answers

Hi,

For Singaporean 2nd property purchase with no outstanding mortgage, typical breakdown as follows:

Cash 5% (option fee + option exercise fee)
Cpf 15%
Max bank loan 80%
Stamp duties (bsd+absd) and legal fees approx 10%

Yes can use CPF for stamp duties provided monies are sufficient. May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
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-- HDB BTO 4rm Sellers Mr. Farvin & Ms. Sel --

Ivan was the first agent that we met up with and right from the offset we had good vibes as he has a friendly personal approach, detailed working style and focuses on building the long-term relationship.

Our unit comes with its challenges but Ivan remained positive and had no qualms committing to our plans right from the start. It took only 6 weeks of aggressive marketing for him to secure a good offer which was a pleasant surprise in the end.

Ivan was always responsive and we had no worries to pass him the house keys. The whole process was transparent and hassle free, and he was always thinking from our point of view on how to make life easier for the client. He is a committed professional and has fast execution, so we felt assured that things are done well and we can entrust the sale process entirely to him.

--- HDB Flat Upgraders Mr. & Mrs. Lee ---

We decided to engage Ivan as our agent as we were impressed with how he answered the enquiries on property guru website.

He has helped us to find our ideal unit and also sold our current unit. He was very patient and never pushy when we were looking for our ideal unit. He would tell us that it is always important to find a unit that we really liked.

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Thanks Ivan! :)

-- HDB 5-rm Sellers Mr. & Mrs. Ting --

We have engaged the services of Ivan Ng for sale of our property at Pandan Gardens. He is professional and systematic in his marketing approach.

He is hardworking and committed to his work. He puts in great efforts in arranging clients for viewings and kept us updated thereafter. He is ever ready to help and guide us whenever the need arises.

He provided us with sound and useful advice as well as closely follow through from the start till the smooth sale of the property within a short period of time.

Thanks, Ivan. Keep up the good work! Read More
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Hi,

Your posting is clear and concise. I hereby assume you are a Singapore Citizen, as PR has to dispose off HDB flat upon key collection.
According to your situation, your concerns are as follow:

(1) You can loan up to max of 80%, since this is your first housing loan.
(2) CPF OA can be used for the following: BSD, ABSD & legal fees, 15% of the purchase price as long as your CPF is sufficient. And has to inform the lawyer during the first meet.
(3) Option deposit & exercise fee must be in cash (5%)
(4) Although CPF OA can be used to pay for BSD & ABSD, you have to pay in cash first then reimburse from CPF.

Important note:
You have to set aside BRS (Basic Retirement Sum) in your CPF OA; 2017 = $83k, 2018 = $85.5k, for 2nd property using CPF.

Cash needed for $650k property:
(1) Option (5%): $32,500
(2) Valuation: $350 (dependent on each bank)
(3) BSD: $14,100
(4) ABSD: $45,500
(5) Mortgage Stamp Duty: $500
(6) Legal fee: $2k~$3.5k (dependent on each firm)

Estimate you will need $94,950 in cash at least.

Hope the above answer to your main concerns, but if there are more queries, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com

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0
Robbie Chen Chee Howe
Hi,

Based on the purchase price of $650k, you will need to set aside the following CASH:

5% Downpayment $32,500
Stamp duties + Legal conveyancing fee approx $62,000
Total CASH would be around $95,000.

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 in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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