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Morning,

It's easier to estimate based on fixed income. For your case, your partner is having variable income hence my estimation may be out. However, I can get my banker to assist you on your financial assessment, so as to provide you with the results you require. As for how much cash is needed, we can only work that out when we understand how much loan you will be eligible for, how much CPF OA both of you have and the pricing of the property which both of you are interested in.

Do feel free to contact me for further discussion.

Regards
MIke Lim
 96929209 
m52i@yahoo.com
ERA Read More

Good day to you,

Thank you for your interest in EC and sharing your information here.

Please see my illustration as below:
Total Income: $3,300 + $1,540 (After 30% Cut) + $2,900 = $7,740

For EC/HDB, 30% MSR: $2,322
Max 80% LTV/Loan: $510,000
Est. Monthly Repayment: $1,800
*Any shortfall from EC Price and Buyers Stamp Duty, must be top up with Cash/CPF

Eg:
EC Price: $900,000
BSD: $21,600
Min. Cash/CPF: $921,600 - $510,000 = $410,600

For Private. 60% TDSR: $4,600
Max. 80% LTV/Loan: $1,000,000
Max. Property Price: $1,200,000
Est.Monthly Repayment: $3,350
Min. Cash/CPF Required: $270,600

*Est. 8% of EC/Condo Price must be in Cash, the remainder can be in CPF/Cash

Please note the above are estimates only, please visit your banker for AIP before making decision.
Do feel free to contact me should you require further assistance.
Thank you and have a pleasant day.

Warm Regards,
Karrien N. Chan
CEA Reg. No.: R052532H
Mobile: +65 822 50 212
Email: karrien.realty@yahoo.com

Powerful Negotiators
No. 1 Team in PropNex Realty Pte Ltd
L3008022J Read More

Hi morning,

For the variable income component, banks typically take a "haircut" approach and will not recognize the 2.2K fully. It is recommended you speak to your preferred bank to have an idea how much loan they are willing to support. If need be, I can recommend some who have experience with EC loan application.

Just for illustration, for a current 3BR premium unit at Ecopolitan At Punggol, it is from 850K onwards.. for the typical case of 680k loan (80%)

Cash 5% (minimum) 42.5k
CPF 15% 127.5k
Bank loan 80% 680K
Stamp duties about 3% 2.5k
Legal fees 3K

Stamp duties and legal fees are payable by CPF. Hope this helps, but to have an exact idea how much cash you need upfront, you have to find out how much loan banks are willing to support.

A side note, I have the latest prices and starbuy units for all the available ECs at the moment, will you need more details? Thanks!

Warm regards,
Ivan ERA
 97432395 
Ivanng10@gmail.com Read More

Good evening,

Maybe let my banker to advise you on your in principle approval to gauge how much loan can both of you obtain then we work things out from there?

Btw probably you can share more on your finances (cash and cpf oa funds) so I can further advise you whether 2 or 3 bedders is more feasible for you.

Hope to hear from you soon!

YT Tan
ECG Property
 9111 5171 
Yt.lovelyhomes@gmail.com Read More