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Home Financing

Asked by Sid 15 May 2012

I have 150K cash and another 20K in CPF OA. I am interested in buying a 850K condo. Can I go ahead? The 20% can be taken care of with my savings above. But what are the other associated costs like stamp duty, legal, tax, some basic reno costs? Can i get a loan for these items?

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Mike Lim · Answer 1 · 2012-05-16T10:25:12+08:00

Mike Lim

Replied 16 May 2012

Morning Sid,

Have you approached any bankers and have them work on the principle of approval? If you can get 80% loan, which is based on your credit record and income status, $170k will be enough for the initial stage. Stamp and legal fee are payable by cash or CPF. Thus you can try to get some personal loan from banks if required. As for renovation, banks do have renovation loan packages where you can look into.

However, with all these items, plus the possible installment for your furnishing, it will affect your liquidity. Thus doing your homework and paying at your comfort level would be more prudent.

Do feel free to contact me if you require further assistance.

Regards
Mike Lim
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