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Hi there, need your kind advise. I am 28years old single, monthly income 4.5k, yearly 75k including bonus and other variable income. I have around 80k in my cpf OA. I am considering to buy a small condo TOP in 2-3 years. What is the price of the condo i can consider? roughly how much bank loan I can take? How much downpayment (cash and cpf) I should prepare before starting house hunting? Thank you.
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6 Answers

Dear Buyer,
For you to be able to purchase a private condo/apartment, you must be able to pay at least 28% of the cost price of the property.
a. 5% cash downpayment
b. 20% cash + CPF
c. 3% BSD + legal fees around 3k

I need more details to give you an exact figure as you have not mentioned your cash on hnad etc. So, do contact me privately so that I can adivse you accordingly.
Cheers!

Elan Govan
MABA (Lancaster)
Huttons Asia P. L.
 90170747 
www.goodpropertiesguide.com Read More
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Robbie Chen Chee Howe
Hi,

I would need more information from you before I can work out a more accurate figure.

Do you have any outstanding liabilities, like car loan, study loan, credit card loans etc? Also, how much cash do you have on hand for the downpayment?

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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Hi Sir/Mdm,

If you do have any outstanding debts such as car loans etc, you should be able to secure a loan of up to about 830k. Taking into consideration your CPD amount and the cash savings you have, you should be in a comfortable position to purchase a condo.

Please feel free to contact me so that I can gather more information from you and draw up a financial plan for you!

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
SEAA Salespersons Achievement Platinum Award 2020
Visit my website to know me better: www.nicktan.com.sg

I was featured recently on Council for Estate Agencies (CEA) Newsletter:
http://bit.ly/CEAnews

I have written a guide on buying Residential Property:
http://bit.ly/buypropertyguide

Testimonial from Satisfied Clients
“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefited a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
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Mr & Mrs Tan (Seller of Inter-Terrace House) Read More
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Hi,

1) Your estimated loan is $760k by applying TDSR assessment.
2) Your available funds inclusive of your CPF for your purchase budget are ~$760k + $80k = $840k.
3) I'm afraid you can only consider a resale condo as in the current market, there is nothing that can fit your budget.
4) All loan from the bank maximum is 75% of Loan-To-Value (valuation value, not the selling price). Thus you have to prepare 5% cash, 20% cash, and/or CPF.
5) You also need to prepare for ~3% Buyer stamp duty and legal fees of $3k. Both can be paid using CPF is sufficient.
6) With your current CPF of $80k, if use this for 20%, meaning you can only consider keeping your budget around $400k.
7) I'm afraid you are not able to find any unit within $400k. Unless you have sufficient cash to top up the difference.
8) The current resale market for 1 bedroom unit is $550k and above.
9) The current new project market for 1 bedroom unit is $900k and above, and this type is usually sold off on the launch day.
10) Thus suggest you save a bit more before entering the property market.

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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Tan Pei Cheng (Pei)
Hi,
I would be glad to assist you.
Feel free to contact me @ 97100155 
Hope to hear from you soon
Pei@ERA Read More
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