2 Answers

Hi Gerald,

We will need to access your income as well as the exact age to work out the numbers. If you have no cash, then the only option you have is to take up HDB loan as you will require at least 5% cash up front for bank loan.

I have been in the real estate business since 2009, with more than 13 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

Warmest regards,
Geryl Lim
Associate Group Director
Salesperson Registration No. R014783H
Email: geryl.lim@orangetee.com / geryl7772@gmail.com
OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
Estate Agent Licence No. L3009250K
[main] +65 6471 8888  [mob] +65 81577565  [LDA] +65 92787772 
www.geryllim.com

My self introductory video on https://www.youtube.com/watch?v=S_2NydENfx0

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Note: We value your home as much as you do! Find out the indicative value of your home at http://bit.ly/UrHomeMatters and get monthly update on your home value. Restructure your portfolio with us, speak to us!

Tenants can visit http://bit.ly/SGExpatRental (Official Rental Requirements - Singapore Expatriates) to indicate your rental requirements.

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Hi Gerald,

1) In order for you to be financially capable to afford a $400k HDB flat, you will need to be assessed by MSR (Mortgage Servicing Ratio) to get a loan of $300k.
2) You have to be 40 yrs old and below with a monthly income of $5.5k, or higher if you are over 40 yrs old.
3) You have to be aware that by buying a flat with a remaining lease of lesser than 50 yrs. You won't be able to fully utilize all your CPF to complete servicing the mortgage.
4) According to CPF guidelines the remaining lease + your age must be at least 95 to allow fully utilize $300k from your CPF to service your mortgage.
5) Assuming you are 40 yrs old and buy a flat with a remaining lease of 50 yrs, the maximum CPF you could utilize is around 77%; ~$308k. Meaning you have to use cash for the $92k.
6) So if you divide this $92K in 25 yrs, every month you must pay your mortgage with cash of at least $306. This calculation didn't consider the interest incurred in your mortgage.
7) Assume again that you loan $300k for 25 yrs, your monthly mortgage will be $1,361, of which 26.5% is interest for the mortgage. So you have to pay at least $306 + $360 = $606 in cash in order to avoid reaching a stage where you have to pay your monthly mortgage in cash only.
8) Please note that there are a lot of assumptions made above thus the figure will vary according to the actual situation.

Please give me a thumbs-up if the answer provided is relevant to your main concern. Thanks!!!

Hope the above answer 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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