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Hi, I am looking to buy a resale condo (studio-2bedroom). Lets say the unit is for sale at $600,000 - how much cash do I need to set aside to secure the unit?

Also, can myself (singaporean) and a friend (foreigner) take a bank loan together? And if so will we be able to take up 90% bank loan? Thank you.
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1 Answer

Johnny Goh Mui Huat
Replied
Hi Angie,

Firstly, if you are buying with your friend, you are not allowed to use your CPF.

Therefore, you need to finance fully in cash.
Secondly, the maximum loan is 80% according to MAS rule, not possible to get 90%. The loan will be 60% if you have an existing mortgage loan.

Based on $600,000 property, you will need
1) 20% downpayment = $120,000
2) Stamp duty = $12,600
3) Legal fees = approx $2,000 (can be subsidy by bank)

Therefore, you will need approx $134,600.

Hope that I had answered your question.

Feel free to contact me if you need my assistance.

Thanks and Regards
Johnny Goh
R018297H
Dennis Wee Realty Pte Ltd
Group Director
Mobile: 90906267 
Email: johnnygohmh@dwg.com.sg
Website: johnnygohproperty.com Read More
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