Asked by Jolie
I'm a 30year old single. I plan to buy my first property for rental. I'm looking at properties in the East Coast eg Bayshore Park not more than 850k for 2 bedrooms.
My questions areas follows:
1. As of now, I have about $111k in my CPF OA. Can I use up all the ordinary account money for first time payment?
2. Or do I need to have at least $60k in my CPF OA?
3. If I have to set aside the Minimum Sum, can I use my remaining $60k CPF ordinary account contribution to service the monthly mortgage payments?
4. I'm drawing a monthly salary of $5k and the Mortgage Consultant from Loanguru informed me that I could loan about $680k approximately 35years but I do not have Article in principle.
5. Am I supposed to secure a Approval-in-principle first before viewing any property?
6. How much cash would I need to prepare for upfront payment based on $850k purchase price (as my cheque book will ONLY be sent to me next week) and with the cpf money that I ve?
My questions areas follows:
1. As of now, I have about $111k in my CPF OA. Can I use up all the ordinary account money for first time payment?
2. Or do I need to have at least $60k in my CPF OA?
3. If I have to set aside the Minimum Sum, can I use my remaining $60k CPF ordinary account contribution to service the monthly mortgage payments?
4. I'm drawing a monthly salary of $5k and the Mortgage Consultant from Loanguru informed me that I could loan about $680k approximately 35years but I do not have Article in principle.
5. Am I supposed to secure a Approval-in-principle first before viewing any property?
6. How much cash would I need to prepare for upfront payment based on $850k purchase price (as my cheque book will ONLY be sent to me next week) and with the cpf money that I ve?
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