Asked by Mr R.N
Hi
I am trying to ascertain if I am in a financial position to buy a condo.
I have just received my PR, so CPF = 0
Have savings of around 60K cash.
I could borrow from credit card around 20K
So net cash available for down payment(including all extra charges) = 80K
Our family income is 10K per month.
I would like to buy a 2 or 3 bedroom flat with budget 500-600K. Size atleast 950sqft. Location should be close to some MRT and within reasonable distance from city (we work in CBD). Preference would be North East / East
I heard that banks are currently not giving any loan more than 80% for property purchase. Which complicates my situation as I am hoping for a 90% loan.
What do gurus suggest ? Should I start looking at properties now with my current financial status, or wait sometime for my savings to increase and prices to fall a bit.
Thanks
I am trying to ascertain if I am in a financial position to buy a condo.
I have just received my PR, so CPF = 0
Have savings of around 60K cash.
I could borrow from credit card around 20K
So net cash available for down payment(including all extra charges) = 80K
Our family income is 10K per month.
I would like to buy a 2 or 3 bedroom flat with budget 500-600K. Size atleast 950sqft. Location should be close to some MRT and within reasonable distance from city (we work in CBD). Preference would be North East / East
I heard that banks are currently not giving any loan more than 80% for property purchase. Which complicates my situation as I am hoping for a 90% loan.
What do gurus suggest ? Should I start looking at properties now with my current financial status, or wait sometime for my savings to increase and prices to fall a bit.
Thanks
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