7 Answers

askguru expert
Hi there, thanks for writing to us on AskGuru.

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.

Best Regards,

Team PropertyGuru
Gavin Ng

You may want to text 9620 0827 for a casual chat. We can share with you the market situation, transaction process, timeline and an estimated financial statement for your purchase. We can answer to any other questions you may have.

Warmest regards

Aaron Chong

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead.

Aaron Chong
9730 8455
Mark Ng S W
Hi You should be looking at $250k downpayment and tax of $224,600 Do contact me at 97970200 to discuss more

Mark, your RIGHT choice
Ling CK

1) You are categories as a foreigner while holding an EP.
2) Bank maximum can only loan you 75% LTV, this is subject to your active income.
3) You will need a 25% down payment for a property purchase.
4) You are subject to buyer stamp duty (BSD) of S$24,600 (~3%) and 20% (S$200,000) additional buyer stamp duty (ABSD).
5) There is no restriction on this, you may buy a resale or a new condo under construction.

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

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YT Tan (陈永达)
Good evening,

your downpayment will be as such if you are able to obtain up to 75% max loan:

25% downpayment
3 to 4% stamp duty
20% additional stamp duty as foreigner

You might need to fork out $480k in cash for a $1m condo.

Hope my sharing helps in aiding in your enquiry. May I know how can I value add further in your property needs?

Best regards,

YT Tan
Property Kaki
You dream. I create. We make it happen!
Association of Chartered Certified Accountants Graduate
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Silvia Yang
Hi Sir/Madam

1. Yes you can book Condo which is not build yet.
2. Before shortlisting project/unit, I will suggest to check your in principal approval of your loan from banker. I can connect you with reputable banker for this, free of charge and no obligation.
3. Based on $1 mill, and assuming loan is 75%
5% Cash = $50,000
20% Cash/CPF = $200,000
BSD (Cash/CPF) = $24,600
ABSD (Cash/CPF) = might apply
Legal fee = $2,500 (estimated)
Please contact me at (65) 96608508 and I can share you the breakdown for this calculation including timeline.
4. How many bedrooms are you looking at and which area you prefer?

I will be glad to assist, no agent fee from condo buyer
Appreciate if you can contact me at (65) 96608508
or click here https://bit.ly/WaSilvia to whatsapp me for no obligation discussion
Thank you.

Warmest regards,

Silvia Yang

Senior Marketing Director
ERA Realty Network Pte Ltd
Mobile: (65) 9660 8508
Email: Silviayang8@gmail.com