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Jenna Tong
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Hi Kelppie,

1) You will have to purchase this unit with your parents.

2) As your income exceeds the limit, you can only apply for bank loan. Currently, the loan limit is capped at 80% of valuation price. It will be advisable for you to get an Approval-in-Principle (AIP) from any banks to have a clearer indication of the loan quantum that you are eligible for.

3) Initial deposit is $5K max (can be calculated as part of COV to the owner. As the transaction price is over the valuation price, you will have to prepare $40K, payable ard 10-14 days prior to completion (2nd appointment)

Based on bank loan, you will need to fork out the initial 5% downpayment in cash based on valuation price, which is $20K.

On top of that, you need to get ready the balance 15% 10-14 days prior to completion, which is $60K (CPF/ Cash)

4) Other fees payable will be $180.50 (valuation), $80 (HDB submission fees). Stamp duty will be $7800 (cash/ CPF). Legal fee is est at $2000 - $3000. Most banks will provide a legal subsidy based on a percentage of your approved loan amount.

In conclusion, the cash layout based on the max CPF of $55K u can withdraw, you will need to set aside an est of $76K.

Hope this info helps. Do call/email me should you need clarifications.

Regards,
Jenna Tong ERA
jenna.tong@yahoo.com.sg
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