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I'm very keen on buying a "mickey mouse" apartment within the next two years. However, I'm worried that my employment status might preclude me from doing this; I am a self-employed person (I sell on eBay). I have never purchased a property before (I'm currently renting a HDB flat), hence I'm really unsure. I definitely have enough money for the down payment, but I fear that I might not be allowed to pay the rest in installments, since I'm not officially employed. Can anyone enlighten me about the standard payment conditions for buyers of private "mickey mouse" apartments?
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1 Answer

Richard Wan
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Hi Studio Buyer,

For purchase of private property, the procedure is 20% downpayment (out of which 5% must be in cash, the other 15% can be cash or CPF).

You will also need around 3% of the purchase price for the stamp duty.

For the other 80%, it will be bank loan. If this is the part you are unsure about because of your employment status, I can get my bankers to give you assistance. They are experienced in such loan matters, and will be the right people to look for for clarifications on loans.

Do let me know if you want the bankers contacts, and also if you have any further queries. I also have several "mickey mouse" units currently for sale, and i can give you information if you wish to see what is on the market currently, so that you can see if these locations are suitable for you.

Thanks!

Regards,
Richard Wan
Black Diamond Real Estate Group
richardwan@live.com
 94363793  Read More
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