Asked by Anonymous
Hi!
I am looking to purchase a HDB resale at 850k (balance lease of 55 years left) under the single scheme and I wish to seek advice on some of the loans/CPF matters
In a nutshell this this what my finances looks like:
1) Cash: 60K
2) CPF OA: $120k
3) Gross monthly salary: $7200
4) No existing loans (other than a monthly credit card bill/HP/utilities bill etc of $70)
This doesn’t not take into account that there will also be a future rental income stemming from parent’s current flat (1.3k per month) who is the sole owner of the flat.
Some questions I would like to ask are:
1) Will I be able to use the entire sum of my CPF OA account to pay for the 15% portion of purchasing the property?
2) Given my financial situation, will I be able to qualify for 80% loan?
3) Is it possible to get 90% bank loan of property purchase price to reduce my cash payout?
Thanks in advance!
I am looking to purchase a HDB resale at 850k (balance lease of 55 years left) under the single scheme and I wish to seek advice on some of the loans/CPF matters
In a nutshell this this what my finances looks like:
1) Cash: 60K
2) CPF OA: $120k
3) Gross monthly salary: $7200
4) No existing loans (other than a monthly credit card bill/HP/utilities bill etc of $70)
This doesn’t not take into account that there will also be a future rental income stemming from parent’s current flat (1.3k per month) who is the sole owner of the flat.
Some questions I would like to ask are:
1) Will I be able to use the entire sum of my CPF OA account to pay for the 15% portion of purchasing the property?
2) Given my financial situation, will I be able to qualify for 80% loan?
3) Is it possible to get 90% bank loan of property purchase price to reduce my cash payout?
Thanks in advance!
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