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happylalapo
18th February 2008, 05:32 PM
anyone out there have any question on pte pty will be glad to input my expert advise in this area:D

JuJu
19th February 2008, 01:56 PM
How does it works if using CPF to buy condo?

happylalapo
25th February 2008, 06:21 PM
Dear Juju


under the CPF ruling - we are able to use up to 100% of your CPF in the ordinary account for purchase of residential property.

Assuming you purchase a property at valuation. The bank grant you a loan of 90% for financing. You are not allowed to use your CPF for the first 10% of the purchase price. However you are able to use it for the remaining 90%.

Give you a senario;

Your purchase price $1,000,000
you are granted 90% financing from the bank
you will need to come out with 10% cash + legal + stamp duty
you can use whatever amount you have in your CPF ordinary account (amount to be decided by you) for the remaining 90%
say you have 10% in your CPF and you decide to use all the 10% in your CPF
You will effectively be getting a 80% financing from the bank


you can use your CPF to pay for your monthly instalment with the Bank, subject to a maximum of 150% of the value of your property.

Hope this answer to your question.

cheers

HalcyonVI
26th February 2008, 05:04 PM
Solid advise hlp :) One correction though, for the minimum cash downpayment, it's now 5% of the property purchase price. Take a look at http://www.myhousingloan.com.sg/housing-loan-faq.php#p2.

JuJu
27th February 2008, 09:31 AM
thanks for all the advise. does that means if the property value is $1m then i must come out with 5% cash (this is compulsory right) then the balance i get get bank loan (but again this depends on whether the bank wants to loan me the full balance of 95%). say if the bank only loans me 70% of the remaining 95%, can i use CPF to pay for balance 25%?

happylalapo
4th March 2008, 07:08 PM
thanks for all the advise. does that means if the property value is $1m then i must come out with 5% cash (this is compulsory right) then the balance i get get bank loan (but again this depends on whether the bank wants to loan me the full balance of 95%). say if the bank only loans me 70% of the remaining 95%, can i use CPF to pay for balance 25%?

Ju ju

if the bank only loans you 70% you must come out with 30% cash + stamp fee and legal fee
you are not allow to use your CPF for the 25%

JuJu
5th March 2008, 09:06 AM
thanks. reading back you did mentioned about cannot use CPF for the remaining. got it thanks.

Ah Boy
5th March 2008, 11:40 AM
Hmm, happylalapo you sure you are expert? Beside the minimum 5% cash component, the rest can use CPF la :cool:

JuJu
5th March 2008, 04:38 PM
hi ah boy, now i'm confused so going back to my question earlier, does that means i can use CPF for the balance 25%?

happylalapo
13th March 2008, 06:58 PM
now i very baisei...... to call myself expert liao :o ha ! Ha! so i disappeared for a while..... Sorry Juju

Probably have confuse you on this matter.

we really do get good advise at this site.:)