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
Note:
Any response to our answer do not reach us until we scroll through each and every queries posted daily.
The best way to get a follow up is to whatsapp or email us directly.
Read More