Hi,
1) Singapore is the 1st country to help citizens and PR to force save our salary; i.e. CPF. Thus most people here make use of CPF for their property purchases.
2) It is common to use cash for property purchases overseas, even by full cash payment.
3) You will be eligible to buy a resale HDB flat (any flat type) or apply for 2-rm BTO/SBF in a non-mature estate.
4) Due to your pay reaching the income ceiling for a single of $7k, you may not be eligible for an HDB loan anymore by next year.
5) You may use this HDB provided self-service check system to know whether you are eligible for an HDB loan next year:
https://services2.hdb.gov.sg/webapp/BP13EligCheck/BP13J002.jsp
6) If you manage to get an HDB loan. You only need to place a 10% down payment and a maximum 90% loan from HDB, an interest rate of 2.6%.
7) You will be able to apply for a Single citizen grant of $25k if you are eligible for HLE. And a proximity grant of $10k if the purchase is within 4km to your parents' place.
8) If you are not eligible for an HDB loan, you will have to approach a private bank for a home loan.
9) Down payment of 25%. maximum loan of 75%. The maximum loan tenure is 25 years. The current interest rate is ~1.3%.
10) You should be able to get a loan of $419k using MSR assessment. Assuming no outstanding loan or bad credit record with local financial institutes.
11) If you are not eligible for HLE, you will also not be eligible for any grant.
12) Current 3-rm flat median price is $360k+. The newer 3-rm flats are range from $400k~ to $450k.
Hope the above answer to 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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