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Ben san,
buying private property for uncompleted project and completed project are different paying mode:
Uncompleted:
1.Option to Purchase: Down-payment 5% of the purchase price Cash
2. Within 8 weeks from the date of the Option to purchase : 15% (Cash/CPF)
4. Stamp duty 3% of purchase price minus $5400.(Cash)
3. Thereafter progress payment according to work completed
Completed or Resale
1. Option to purchase : 1% of purchase price (cash)
2. Within 2 weeks exercise option : 4% (cash)
3. Within 10-12 week S&P completion : 95% (cash/cpf) or loan from bank subject to approval
4. Stamp duty same: 3% of purchase price less $5400
(assuming legal fee and valuation subsidy by the bank u took the loan from)
Loan amount must satisfy the DSR (debt service ratio) rule depending on your salary income and up to 70 yrs old.
If u earn say $3k per mth, loan period of 40 yrs , i think for 80% loan u can only loan upto aro $500k, if for 70% loan maybe the loan size will be aro $700...well check with the mortgage specialist from any banks or dat ex-wallstrait forumer dennis ng, sunday business times there is a writeout from him.....this joker his property knowledge quite good but abit boostful..ok off track liao....
Oops! where is my property kaki Serial Entrepreneur san...he must be huat big big oreli..using rental & re-mortgage to snowball his multiple properties, good calculated risk taker.
buying private property for uncompleted project and completed project are different paying mode:
Uncompleted:
1.Option to Purchase: Down-payment 5% of the purchase price Cash
2. Within 8 weeks from the date of the Option to purchase : 15% (Cash/CPF)
4. Stamp duty 3% of purchase price minus $5400.(Cash)
3. Thereafter progress payment according to work completed
Completed or Resale
1. Option to purchase : 1% of purchase price (cash)
2. Within 2 weeks exercise option : 4% (cash)
3. Within 10-12 week S&P completion : 95% (cash/cpf) or loan from bank subject to approval
4. Stamp duty same: 3% of purchase price less $5400
(assuming legal fee and valuation subsidy by the bank u took the loan from)
Loan amount must satisfy the DSR (debt service ratio) rule depending on your salary income and up to 70 yrs old.
If u earn say $3k per mth, loan period of 40 yrs , i think for 80% loan u can only loan upto aro $500k, if for 70% loan maybe the loan size will be aro $700...well check with the mortgage specialist from any banks or dat ex-wallstrait forumer dennis ng, sunday business times there is a writeout from him.....this joker his property knowledge quite good but abit boostful..ok off track liao....
Oops! where is my property kaki Serial Entrepreneur san...he must be huat big big oreli..using rental & re-mortgage to snowball his multiple properties, good calculated risk taker.