Hi,
With your current financial situation:
CPF OA: 80K
Cash: 60k
Mthly income: 4.8k
General idea of TDSR is you are allowed to utilise 60% of your monthly income service your mortgage loan:
Without any debts obligation, such as car loan, credit card loan or another financial commitment.
Your maximum property value according to current MOF rules and regulation is $600K or slightly more, maximum loan amount is 80% of the value, with 25 years loan term.
Loan amount $480K.
Breakdown of the fees are as follow:
(1) OTP (deposit + exercise)(5% cash) = $ 30,000
(2) Downpayment (15% CPF +/or cash) = $ 90,000
(3) Buyer Stamp duty; BSD (~3%) = $ 12,600
(4) Legal fee = $ 2~3.5k
(5) Mortgage stamp duty = $ 500
Cash required is around: $55k~$57k. CPF is $80k.
In fact, the first thing you ought to do is to get a bank assessment, ensure you are not over commit from your new purchase.
To be honest, your current budget at most is to find a 1 bedroom + study. Do note that this is only applicable to current or last year launch project.
The chance of finding it in 2018 launch project would be near impossible.
Hope the above answer to your main concerns, but if there are more queries, please feel free to contact me at
90110636
, or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636
ling.ck7@gmail.com
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