Good afternoon,
Assuming your 5% booking fee is not an issue. Yes it could still be possible but are you planning to use CPF OA for the downpayment 15% that is due within 8 weeks of unit booking? If so, your home loan letter of offer must be ready by then before CPF board can allow you to drawdown CPF OA for the purchase.
If it can't be in time, you may have to request for late payment interest waiver for the 15% with the developer but developer may not accept your request. If you are willing to stomach the late payment interest it may still be possible.
If you are using all cash for the 5%+15% + relevant buyer stamp duties, it may still be possible to go through with the purchase because the bank loan is not required for now until foundation payment is called in 6 to 9 months time at the earliest. But you are of course taking a risk since the bank may not approve your loan eventually.
It will be good to work with an agent and law firm who is experienced in dealing with such scenarios. Perhaps we could discuss further at my contact
97432395
.
Hope the above clarifies. May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.
Warm Regards,
Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever
SEAA Salesperson Achievement Award 2021 (Gold)
SEAA Singapore Accredited Mortgage Planner (SAMP)
ERA Top 93th Achiever for Full-Year 2020 (Top 1.5% Company Level)
ERA Top 11th Achiever in June 2020 (Top 1% Company Level)
ERA Top 91th Achiever in 2nd Quarter 2020 (Top 2% Company Level)
SMU BBM (Finance), Magna Cum Laude
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New launch buyer Andy & family : While we are searching for an agent to help us with purchasing a unit at new launch condo, we get to know Ivan from PropertyGuru. Initially we had issue with the funding. Ivan has been extremely patients with all our questions and ideas during financial planning.Our ballot queue is not in the front, however Ivan has always been able to propose options for us to eventually get a decent unit that both my wife and i liked.Being the first timer ourselves, there are always so many questions marks and unknowns. Yet Ivan has been the one single person that we can always rely on, be it financial, legal, or even renovation related. The follow-up is literally within a snap of finger - we could always expect an accurate reply within minutes. It's a short and eventful journey, we are really grateful that such an outstanding and committed agent like Ivan is aroun d to support & guide us along the way. A big THANK YOU to Ivan for the great effort and commitment.
Buyer Mr Wang & Ms Ng : We want to convey our thanks to Ivan, who helped us find our first home. Ivan was very responsive when we first met, and took time to understand our needs and requirements for our first home. He helped us narrow down our criteria and gave us good advice on how to structure our mortgage as well. He also made a great recommendation of an area we never thought of, and it was where we eventually bought our home. We appreciate Ivan's thoroughness in pros and cons of all our options that we viewed. We never felt pressured or rushed to make a decision. In fact, Ivan gave honest and useful inputs on the considerations of acting immediately or waiting. All in all, it was a very smooth experience and we ate very happy with the unit we bought. Thank you very much, Ivan!
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