Hi Sir/Madam,
For a studio/1 bedroom near the city area, of which i would take THE ICON as an illustration, the asking per square foot is in general asking about $1200psf.
Example:
Studio unit of 570sqf.
Asking price = $684,000
Loan quantum = 80% = 547,200
Cash 5% minimum =$34,200
Agent Comm = 1% = $6,840 +gst
CPF 15% = $102,600
Stamp duty = 3% - $5400 = $15,120
Legal fees and conveyancing fees ~ $4000 - $5000 which can be partial subsidised by bank and rest payable by CPF.
For the loan amount that u would be able to loan would however dependent on a few factors as below.
1) Bank's policy (whether they loan up to 80% or 90%)
2) Your annual income
3) Your current outstanding loan (Car, credit cards, study loan, house loan, etc)
4) Your credit bureau/standing (Meaning whether u pay your bills timely)
Of course in additional to the above, you need to take into consideration if yourself has already another property prior to this purchase. There would be some CPF regulations.
Perhaps, can i suggest that you leave myself an email or give me a holler so that i can arrange my close bankers (from various banks) whom i always worked with to do up the best calculation based on your current status?
Cheers,
Brandon - ERA Marketing Director
HP: 8233 23 23
Email: aw.brandon@gmail.com
Read More
