Hi,
I am assuming you have already set aside your Basic Retirement Sum (BRS) and left with $26,000 in your CPF Ordinary Account (OA).
Unfortunately, you did not state how much is your monthly income, your available cash on hand, and your monthly commitment.
Assuming you are 61-years-old with $50,000 in cash on hand and monthly salary of $5,000, the property you can afford is $78,000. This does not include any CPF Grants you may be eligible for.
If you are applying under the Single Singapore Citizen Scheme, you can get up to $80,000 in CPF Grants comprising $25,000 in Singles Grant, up to $40,000 in EHG Singles Grant and up to $15,000 in Proximity Housing Grant. Even after including the maximum grants, the maximum price you can afford is $158,000. A 2-room resale flat will cost around $200,000 to $300,000, not including any cash-over-valuation, legal fees, agent's fee and so on.
Do note this is just based on my estimation. Also, do note you will be subjected to the Mortgage Service Ratio (MSR) of 30 per cent. If your monthly income is $5,000, your monthly mortgage cannot exceed $1,500.
Thus, it may be wise to apply for a BTO flat.
Sincerely,
Mohamad Khalil
Bachelor of Arts (Communications)
E: realtor@khalilrealtor.com
Mobile:
+65 8201 9254
Website: www.khalilrealtor.com
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