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Hi Nesh,

Since both you and wife are PR, thus can only take bank loan.

For 4rm flat valuation $360k, assuming 80% loan, the 1st 5% must be in cash.

1) 1st 5% cash = $18k.
2) Next 15% CPF/cash = $54k. You CPF balance of $61k can cover this 15%.
3) Stamp duty = $5.4k paid in cash first and can be refunded back from CPF OA.
4) Agent commission cash 1% = $3.6k.
5) Cash over valuation assume $30k.

Thus your total cash outlay is

$18k + $5.4k + $3.6k + $30k = $57k.

Of course, the COV portion is the significant part of the cash outlay. If you can get a lower COV flat, your cash outlay will be reduced significantly.

It is ideal to speak to a banker regarding the loan quantum you are qualified to borrow. I can ask my banker to help you on this.

I am contactable at 98628691  . Pls call me if you need further assistance.

Thanks,
Ander ERA Read More

tqvm Ander.. www.catherinepang.com Read More

Afternoon Nesh,

To make it easier for calculation, let's say your purchase price is $400k.

COV: $40k
5% cash on 80% Loan: $18k
15% CPF: $54k
Legal and Stamp Fee: $61k - $54k - $8.4k = $1.4k (Cash)

Hence total cash you will need, excluding salesperson commission is around $60k.

Do feel free to contact me if you require further assistance.

Regards
Mike Lim
 96929209 
ERA Read More