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Assuming this is your first property in Singapore, you Loan-To-Value (LTV) limit will be 75%. You will need to place a downpayment of 5% in cash and 20% in cash and/or CPF.
The Buyer's Stamp Duty (BSD) is 3% of the purchase price ($24,600) and the Additional Buyer's Stamp Duty is 20% for a foreigner ($200,000). Therefore, your total stamp duty is $224,600.
Yes, you can purchase a newly launched condominium.
Here is the general timeline when buying a new condominium unit:
Step 1: Pay 5% downpayment and 20% in cash and/or CPF
Step 2: Get a bank loan for the remaining 75%
Step 3: Pay a Buyer's Stamp Duty of up to 3%.
To be more specific, when it comes to progressive payment the steps are below:
Step 1: Pay a booking fee for an Option to Purchase of between 5% to 10% of the purchase price of the residential property
Step 2: Once you are granted an Option to Purchase, the developer is required within 14 days from the date of the Option, to deliver the Sale & Purchase Agreement in duplicate and the original or copies of the title deeds to the purchaser or his lawyer for review. The option is valid for 3 weeks from the date of delivery to the purchaser or his lawyer of these documents. You have to exercise the Option to Purchase within its validity period if you decide to buy the property.
If the Option to Purchase is not exercised before it expires, the developer will be entitled to forfeit 25% of the booking fee. The other 75% of the booking fee will be refunded to the purchaser within 4 weeks.
Step 3: Upon signing the Sales and Purchase Agreement, you will be required to place a payment of 15% (Total payment is 20% including the option of 5%). At this point, you must get a bank loan of 75% and pay the Buyer's Stamp Duty (BSD).
Step 4: The progressive payment will take place according to the stages below:
Stage Payment under a standard payment scheme ( % of purchase price )
Upon the grant of Option to Purchase 5% - 10% (booking fee)
Upon signing of the Sale & Purchase Agreement or
within 8 weeks from the Option date, whichever is later 20% less booking fee
Completion of foundation work 10%
Completion of reinforced concrete framework of unit 10%
Completion of partition walls of unit 5%
Completion of roofing/ceiling of unit 5%
Completion of door sub-frames/ door frames,
window frames, electrical wiring, internal
plastering and plumbing of unit 5%
Completion of car park, roads and drains serving
the housing project 5%
Temporary Occupation Permit or
Certificate of Statutory Completion 25%
On completion date 15%
If you had managed to secure financing, the disbursement of funds at each of these stages will be done by your bank. On your end, you will continue to service your monthly mortgage.
Do note that when taking a bank loan will you be subjected to the Total Debt Service Ratio (TDSR), Valuation Limit and Withdrawal Limit. The banks will take into consideration your various monthly debt that you are currently servicing such as credit card, car loans, mortgage, renovation loan, study loan, bridging loan and so on.
Hope this answers your question.