2 Answers

Hi,

Congratulations to your decision to own your home finally.

Indeed, buying a property is a big ticket item, proper planning and execution is a critical process.
Especially it took time and effort to find and it took even more time and effort to discard if it didn't serve your needs eventually.

Hereby breakdown of the cost needed for reference, this is taking assumption both of you are younger than 40 yrs old.

Cash required for resale purchase:

(1) OTP deposit & exercise = $5k
(2) Resale application = $80
(3) Registration & microfilming = $215.90 (3-rm & above)
(4) Valuation = $120
(5) Miscellaneous = $15
(6) Caveat = $139.30
(7) Fire insurance = $5.50 (4-rm), $6.60 (5-rm)
(8) Salesperson commission (1%+GST) = $4,285 ($400k), $5,350 ($500k)
(9) 5% cash - (1) = $15,000 ($400k), $20,000 ($500k)
(10) Basic stamp duty = $6,600 ($400k), $9,600 ($500k)
(11) ABSD (both are SPR,5%) = $20,000 ($400k), $25,000 ($500k)
(12) Legal fee = $1.5k~$2.5k dependent on loan amt (using $2k for calculation)
(13) Mortgage stamp duty = $500

CPF required for resale purchase:
(1) 15% downpayment = $60k ($400k), $75k ($500k)
(2) HPS = $600 dependent on loan amt.

Assuming you have cash as listed above for $400k ($54k) & $500k ($68k)
(a) For $400k calculation: your maximum loan amount is $362k, the maximum property value is $453k.
(b) For $500k calculation: your maximum loan amount is $400k, the maximum property value is $500k.

Hope the above answer to your main concerns, but if there are more queries, do not hesitate and 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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0
Robbie Chen Chee Howe
Hi,

The minimum Cash component you will need to come out with, will be at least 5% of the property purchase price.

If your CPF is insufficient to make up the balance 15% downpayment, together with the stamp duties, then extra Cash would be involved.

The first thing you should do now, would be to ascertain your maximum loan amount. I will be able to get a Banker to assist you in this matter.

Once your loan IPA is out, we can then work out your budget and proceed to the next step of your house hunt.

Should you need any further assistance in matters relating to property, please contact me at my mobile 9748 6305 . I will be happy to assess and share with you the possibilities for you and your partner in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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