I'm a local chinese single 40, 100k cash savings, $50k cpf, monthly basic 4k pay, no debt or loan, own no property, looking to own my property in the next 3 to 6 months.
Based on your given info, rough estimates will be you should be eligible for a 479K loan. A 600K property is worth considering as the breakdown is as follows (for citizens):
Cash 5% 30K
CPF 15% 90K
Max bank loan 80% 480K
Stamp duties and legal fees approx 18K
Are you looking to move in soon in the next 3-6 months? 600K 1 bedder properties are available but which locations are you looking at? Thanks and hope to understand your requirements before further value-adding.
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With $150k to finance the initial outlay for a property purchase, you should be able to afford a $652k property provided you can obtain a 80% bank loan.
Why not let my banker advise you on your in principle approval first so you can gauge how much loan can you obtain?
Hope to hear from you soon!
YT TAN 陈永达 | ACCA Graduate, RES
ECG Property Pte Ltd
(M): +65 9111 5171
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