I would like to ask: For my situation, would it be better to go for a small condo unit? What would be the upfront CASH I need to fork out for a resale condo unit that cost $600K? Pls include agent's comm in the calculation. Assuming I'm borrowing 80% from bank, how much is the monthly instalment? How much should my income be for the bank to approve my loan?
For a condo that cost 600k, and assuming bank grants 80%, your cash upfront will be
5% - 30k
15% CPF/CASH - 90k
Lawyer fee - abt 2500
stamp fees - (3% of purchase price - 5400)=12600
Agent's com will be from seller's agent as co-broke fee.
So total aprox cash you will be looking at is abt 45-50k. This is assuming you have 90k in your cpf for the 15%, if not the balance will be top up by cash after deducting.
As for monthly installment and approval limit, it is best for a banker to draw out a plan for you. If you like i can ask a banker to advise you.
Pls do email me or contact me if you wish to further discuss.