Asked by Chew Winnie
I am interest to buy a 2+1 condo at West Bay/Parc Vista for rental, budget around $550K+. I am married and currently own a HDB flat, fully paid. As my husband is running his own business, he has only started contributing to CPF last year, therefore will not be using his CPF for the 2nd property. I understand that I need to set aside the minimum sum before we acquire the 2nd property. I have the following questions :
(1) The minimum sum that I need to set aside is $58,500? (50% pledge under HDB flat)
(2) Since the money under SA cannot be used for purchase of property, can we fully set aside the available fund in SA as minimum sum or is there a fixed amount from both OA and SA to be contributing towards the minimum sum?
(3) How much will be the financial layout if I obtain the 80%/90% loan?
(4) How much will be the monthly installment under both 80%/90% loan?
Thank you
(1) The minimum sum that I need to set aside is $58,500? (50% pledge under HDB flat)
(2) Since the money under SA cannot be used for purchase of property, can we fully set aside the available fund in SA as minimum sum or is there a fixed amount from both OA and SA to be contributing towards the minimum sum?
(3) How much will be the financial layout if I obtain the 80%/90% loan?
(4) How much will be the monthly installment under both 80%/90% loan?
Thank you
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