Asked by Anonymous
Hi, Profile: First-time buyer of any kind of residential property, SC, Single Monthly Income: ~ 8k CPF & Cash Savings: ~ 120K With a profile like this, is it realistic to purchase a 2-bedder (with study?) condo whether it be new or resale? Some numbers of existing prices of condos around the central area would be appreciated. Understand there is downpayment 20% (15% CPF and 5% Cash), no buyer's stamp duty (please confirm), legal fees (~3k?). 80% bank loan with a TDSR of 60% should not be a problem because there are no outstanding loans at the moment, though I do hope not to spend more than 30% of my monthly income servicing the mortgage loan. Any other hidden costs that I should be aware of before purchasing a private property? Thanks gurus.
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