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Condo Questions

Asked by wsat1836 12 Jun 2012

Hi there my wife and i are looking into investing in a condo, CPF virtually empty because we work overseas. Monthly combined income of 14k.

We like the Novena area, would like to know how much cash we need. Looking at about 1000-1250 sqft.

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Mike Lim · Answer 1 · 2012-06-12T16:13:15+08:00

Mike Lim

Replied 12 Jun 2012

Afternoon,

Assuming that both of you ain't local, thus zero CPF, with the asking price $2.5mil and 80% loan, the list below is for your reference:

10% ABSD: $250,000
20% Deposit: $500,000 (Inclusive of Option and Exercise Fee)
Legal and Stamp Fee: $73,000

The remaining cash requirement would depend on how much the bank can disperse to you as mortgage loan. This would then be dependent on your income and credit status, age and repayment period.

FYI
Mike Lim
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