Asked by confused condo buyer
My spouse and I have just signed OTP with 5% for a condo. Developer has offered to pay for our stamp duty earlier, so we don't need to fork out cash for the stamp duty. Our banker has said they can only loan 80% of the purchase price minus the offer. Question is, do we need to fork out any additional cash on top of the 15% when we sign S&P? We were told by agent that we need to top up the difference between 80% of full price and 80% of loan. Thanks for any advice.
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