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I am a 30 yr old, unmarried, first time home buyer. I have around $50k in my CPF, and make $4.5k monthly. Looking at buying a small place, studio or 1BR ($500k)

Would like to know the following

1) How much down payment would I need to put and also can I pay for the amount using my CPF entirely?

2) Other than the down payment, are there any other up front fees that I will need to pay and the method of payments for each of them. (CPF / Cash?)

3) For the monthly payments what is the max amount that I can use my CPF to pay for it.

4) What are other monthly payments that I will need to consider?

5) I have a partner (29yrs old) but we're not intending to get married but would like to co-own the place. Can the down payment and monthly payments be shared from CPF?
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1 Answer

Mike Lim
Replied
Morning Skoobi,

1) For 80% loan, you will need 20% downpayment (5% Cash + 15% Cash / CPF / Combination of both).
2) You need to pay the stamp fee of $9600, which will be reimbursed back with CPF monies. Don't forget the conveyancing account charges and developer fee, if it's still in construction.
3) As for your monthly installment, you can use the amount contributed into your OA. If it's insufficient, you will then be required to top up with cash.
4) Other monthly expense would be the maintainence fee. As for renovation loan, installments on furnitures and appliances, it's totally dependent on your financial liquidity.
5) For private condo property, you can purchase the unit, even with total strangers.

FYI
Mike Lim
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