Good day to you,
Below is the estimated breakdown of payments for $800k condo subsale:
1. 1% Cash/Cheque Only to Seller as Offer to Purchase (Fully refundable if Seller declined your offer within 3 days or so) = $8k
2. 4% Cheque Only to Seller’s Law Firm Account as Exercise Option Fee within 14 days after Seller grants Option to Purchase (OTP) = $32k
3. Maximum 45% (20% Cheque Only & 25% Cheque and/or CPF) + (3% - $5400) BSD + 7/10%/15% ABSD for SC/PR/FR, within 8 to 12 weeks from OTP exercised date, depending on the Construction Stage upon Completion of the Sale.
= Maximum $360k + $18.6k + $56k if SC / $80k if PR / $120k if Foreigner
= Maximum $474,600 for SC, of which $200k must be in Cash/Cheque Only, Not CPF
Payments required following the completion of each Construction Stages:
5% in Cash/Cheque Only and remaining 5% in Cash/Cheque and/or CPF:
1. 10% for Foundation Work ~ 6 mths
Cash/Cheque and/or CPF:
2. 10% for Concrete Framework ~ 6 mths
3. 5% for Brick Wall ~ 3 mths
From Bank Loan if 50% LTV is granted:
4. 5% for Doors & Window Frames ~ 3 mths
5. 5% for Carpark ~ 3 mths
6. 25% Upon TOP ~ 12 mths
7. 15% Upon CSC ~ 12 mths
Note:
*Remaining 50% of the Property/Valuation Price whichever lower will be disbursed by Banks upon Completion if maximum 50% LTV (Loan to Value) has been granted for the second property. If Valuation and/or Loan is lower, differences have to be covered with Cash/Cheque
*CPF can be used only after half the prevailing minimum sum has been set aside in SA and OA
*CPF can be used for BSD but not for ABSD
*Conveyancing Fees $2,300-$2,800 payable with Cheque/CPF upon Completion of Sale with 8-12 weeks
If the remaining loan amount for the first property is significantly lesser than $240k or 30% of the second property price, you may consider paying off the first home loan and get a fresh first home loan for the second property to enjoy 80% LTV and possibly higher loan amount as TDSR has been relaxed.
As we do not get prompted when we respond here, kindly contact me directly should you require clarification.
Thank you and have a pleasant week ahead.
Warm Regards,
Karrien N. Chan
CEA Reg. No.: R052532H
Mobile: +65 822 50 212
Email: karrien.realty@yahoo.com
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PropNex Realty Pte Ltd L3008022J
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