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Hi guys, I am an Ang moh married to a Singaporean and we are thinking about buying a 1 bdrm condo in Singapore (no shoebox, i.e. above 60sqm). Currently, i have only 100K cash available and the situation is so horrible now cos I cannot afford any condo with that amount due to the new MAS 80% LTV rule!!! My question is: should i apply for PR and get ripped off 20% of my salary for CPF and benefit for some advantages in buying EC or other BTOs, OR should I stay a foreigner and find some other solution to CIRCUMVENT this minimum 20% downpayment rule (please please don't come and tell me that i have to pay 30% downpayment cos foreigner and blablabla, there are banks out there to lend me 80% LTV for sure). MANY MANY THANKS FOR your educated advice and opinion!
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3 Answers

Mike Lim
Replied
Morning Dom,

Since you are married to SC, so what are your plans? Nest in and spread your roots? Or stay over and wait for greener pasture? To benefite for the legal system is the easiest way out but is it the best way out? Do not forget that if you are to purchase unit with your SC spouse, as a PR and you choose to revoke it down the road, it might implicate your spouse and kids.

Financial competency is vital but you would not want to just throw your cash in without planning for your low and high hanging fruits, right? Work the details out within yourself and your spouse. I believe the answer might become clearer.

Regards
Mike Lim
 96929209 
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Wee-Ling Chew
Replied
If you intend to settle down in SG for the long term, why not become a PR? The CPF scheme is a privilege, not a rip-off. the 20% in the CPF account which you contribute to is YOUR MONEY, and your employee contributes on top of that to your CPF account, which foreigners do not get. All these can be used to service your mortgage loan.

Think carefully about your plans before you take the big step of applying for and getting your PR.

Do let me know if I can assist further.

Thanks,
Wee-Ling
 9851-5470 
weeling.chew@gmail.com
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Koh Zhen Hon
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Hi,

Regard to your question. Why not you just drop me an email at ot1984pierre@gmail.com or Contact me @ +65 8 2 7 9 8 3 2 7

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Koh Z H
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