hi
i will try my best to answer your ques...now u can do an indicative valuation or valuation report on your place...so u know how much u can sell in that sector..once u have that number u will know what's the valuation + Cov component. Afterwhich u can go check with your current bank / HDB how much ur outstanding loan is.
Use the last transacted in the neighbourhood as a rough guide minus the loan outstanding u will have an estimate of how much funds (cash + cpf) u will get back.
Of course it doesnt guarantee that u will sure get a loan from bank. So next step is to use the mortgage to service ratio to find out how much loan u can take.
Assuming combined family income is $10k/mth use a 30 to 35% of this 10k to find out how much u can use to finance the loan. In this instance it will be $3500 to finance any purchase on your end.
Working backwords $3500 can finance approx $900 to $1m depending on the number of years u take on loan.
So now assuming u can take 80% loan based on meeting the HDB buying eligibility, then ur house purchase total quantum will be approx 1 to 1.2m
Banks will also use the same MSR (mortgage service ratio) which i have used above to determine how much they can loan to u...so standard now is abt 40% of family income...but if u calculate based on 30 to 35% then i dont see why banks wont lend unless u have a bad credit history.
U can give me a shout at
90036374
if u need some help..no obligation one...
just my 2 cents
Read More
