AskGuru Q&A Community

Evening Richard,

Assuming that the purchase is at $850k, 20% down payment would sums to around $170k. Of this figure, 5% have to be paid in cash while balance 15% can be topped up with your available CPF. ABSD of 5% is at $42500. Not forgetting standard stamp duty, valuation cost and other miscellaneous expenses, you will need around $250k in hand.

Do contact me further should you require my assistance.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Hi Richard, you could also lower down your budget to 800k for a 2 bedroom unit. I have units at Melville Park as well as Eastpoint Green Condo and sellers are asking for 800k. Pls feel free to let me know if you need any assistance.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Hi Richard,

Typical breakdown for SPR 1st property as follows:
Cash 5%
Cpf 15%
Max bank loan 80%
Stamp duties and legal fees approx 8%

Hence you need about 238k worth of funds. Hence if you have about 80k cpf, it should be sufficient with your 160k cash on hand. Please note this is based on sole SPR name purchase. Thanks and hope to assist with your plans further.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/#!reviews/c11r1
(Client's Testimonials) Read More

Hi Richard,

The cash that you need is $238k ($127.5k can be CPF), assuming you're buying solely with your name (5% ABSD; that'd lower your loan quantum because your wife's income would be excluded). Should you include your wife's name, the ABSD would be 15%.

Do give me a call and we can meet up for a more in-depth analysis of your financial plans, before committing to any purchase.

Thanks and regards,
Teck Chuan, Ng
BBA (Finance), NUS
ERA Realty Network Pte Ltd
Mobile: 9137 4602  Read More

Good evening Raj,

I will love to assist you in your property purchase.

But I am afraid to inform you that you dont have sufficient finances to proceed with this $850k purchase unless you have CPF OA funds on hand.

I will strongly advise you to purchase solely under your name not under both names because as SPR, your ABSD is 5%. If you purchase with your wife, it will be 15% (higher of 15% or 5%) as she is a foreigner.

Initial outlay:

1) 20% dowpayment
2) estimated 3% buyer's stamp duty
3) 5% additional buyer's stamp duty

You will require at least $232.6k.

So my question to you is how much CPF OA funds do you have?

Warmest Regards,
YT Tan
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
BEstate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com Read More

Hi Richard,
The estimated amount of cash to prepare for a property at 850K property will be 238K (i.e. 28% of the property). But 15% out of the total can be pay by CPF.

To assist and advise you more in details, kindly drop me an email for me to share.

I am contactable at my mobile or email.

CK Ang
 9046 3808 
res.ckang@gmail.com Read More