Asked by Mazda2
I'm a 30year old single. I plan to buy my first property: a lower range private property for self-stay. I'm looking at properties in the east, not more than 550k.
My questions are:
1. As of now, I have about $40k in my CPF ordinary account. (A substantial sum already invested.) Can I use up all the ordinary account money for the first time payment? Or do I need to have at least $53k in my cpf ordinary account?
2. Can I use my monthly cpf ordinary account contribution of about $1000 to service part of the housing loan?
And pay the rest in cash?
3. I'm a civil servant drawing a monthly salary of $4,400 , approximately how much would I be able to loan? Am I supposed to secure a bank loan in-principle first before viewing any property?
4. How much cash would I need to prepare for upfront payment based on 550k purchase price and with the cpf money that I have?
My questions are:
1. As of now, I have about $40k in my CPF ordinary account. (A substantial sum already invested.) Can I use up all the ordinary account money for the first time payment? Or do I need to have at least $53k in my cpf ordinary account?
2. Can I use my monthly cpf ordinary account contribution of about $1000 to service part of the housing loan?
And pay the rest in cash?
3. I'm a civil servant drawing a monthly salary of $4,400 , approximately how much would I be able to loan? Am I supposed to secure a bank loan in-principle first before viewing any property?
4. How much cash would I need to prepare for upfront payment based on 550k purchase price and with the cpf money that I have?
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