Hi Melvin,
Buying a Condo or a home is a big capital investment. A brief on the cost calculation is very much determined by these 2 keys factors:
- your age
- Credit Liability
In the current market, credit crunch, my sincere suggestion is for you to engage a Mobile Banker to workout your In Principle Approval on the maximum allowable load for your purchase FIRST before your HOUSE Hunting. (without obiligation, I can introduce some of the very good Bankers for you - NO Cost/Obligation at all)
Age:
- will determine your number years of loan you can stratch thus determine your monthly instalment value.
Credit Liability:
- Your maximum CPF withdrawal limit, determine when your full cash instalment kicks in.
- Determine the % of loan you can get from your BANK.
- Your other Loan (credit cards/Car/HDB/Businesses etc)
On top of these factors, the other fees are
- 1% + 4% of Purchase Price as OPTION FEES IN CASH.(within 2 weeks)
- can use up to 95% CPF (determine on availability and approval)to cover your Stamp Duties and Loan.
- $2500 & above, varies according to purchase price, Legal Fees (part subsidised by Bank)
- Agent Fee (not needed for buyer, Owner pays agent commission)
- within 2 weeks Stamp Duties (3% of purchase price - $5400)
- Renovations (if you buy a Old condo)
- Monthly Maintanence Fees + Sinking Fund (may affect your buying decision as projects to projects varies)
Wah!!! A long message :-)
I hope the above helps, if need further clarification, do contact me @
91465252
without any obligation.
Happy House Hunting !!!
Cheers !!!
Alan Low
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