Hi,
1) COV is not under consideration of any borrowing institute here including banks or HDB. This is an additional amount that buyer willing to offer to the seller as a bonus.
2) If the valuation is at $780k, your 5% (cash) is $39k, and 20% (cash and/or CPF) is $156k. If you manage to get 75% of the Loan-To-Value from the bank.
3) Only the amount you offer in OTP; option + exercise fees are included in the 5%.
4) For your current case is such:
(a) Loan $500k (since this is less than 75% of LTV which is $780k).
(b) You will have to prepare
(i) cash (5%) = $39k,
(ii) CPF and/or cash $156k + $85k = $241k,
(iii) COV: $20k cash.
5) Thus you need at least $39k + $20k in cash.
6) Note that the above amount did not take in consideration of legal fees and buyer stamp duty.
Hope the above answer to your main concerns, but if there are more query, please 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
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer
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