Hi,
You have to decide what do you need for now and how to finance it. There are 2 things here; your monthly active income and what is the current unit cost:
I also assume you are 35 years old in order to do an estimated MSR.
(A) Monthly income & estimate loan amount:
1) $2000: estimate loan = $119,000
2) $3000: estimate loan = $179,000
3) $4000: estimate loan = $239,000
4) $5000: estimate loan = $299,000
5) $6000: estimate loan = $359,000
The above preliminarily calculation did not include your annual performance bonus, 13 months, number of credit holding. Also assume there is no outstanding loan, such as car loan, personal loan, etc.
(B) The current HDB resale price:
3-rm flat: $265k~$421k
4-rm flat: $370k~$792k
The above value is from resale cases registered in Q4 2020.
(C) In general, factors affecting prices are:
1) Remaining lease
2) Level of the unit
3) Past transactions of the surrounding, within 200m.
4) Condition of unit only has a mild effect on the price.
(D) CPF OA fund:
Assume you are eligible for an HDB loan. You only need 10% for the downpayment, and all 10% can be from CPF.
You still need certain amount of cash:
1) OTP option & exercise fee:$1~$5000
2) Buyer stamp duty: ~3% (can use CPF if sufficient)
3) Legal fee: 95
3) Ensure you got your HLE or IPA before offering for an OTP
If you missed any of the above listed in (E), your option fee might not be able to recover.
Hope the above answer to your main concerns, but if there are more query, 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
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer
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