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Thread: expert in this field to answer any of your question

  1. #1
    Join Date
    Feb 2008
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    393

    Default expert in this field to answer any of your question

    anyone out there have any question on pte pty will be glad to input my expert advise in this area

  2. #2
    Join Date
    Jan 2008
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    127

    Default using CPF for Condo

    How does it works if using CPF to buy condo?

  3. #3
    Join Date
    Feb 2008
    Posts
    393

    Default CPF to buy property

    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

  4. #4
    Join Date
    Jan 2007
    Posts
    106

    Default

    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.

  5. #5
    Join Date
    Jan 2008
    Posts
    127

    Default

    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%?

  6. #6
    Join Date
    Feb 2008
    Posts
    393

    Default

    Quote Originally Posted by JuJu View Post
    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%

  7. #7
    Join Date
    Jan 2008
    Posts
    127

    Default

    thanks. reading back you did mentioned about cannot use CPF for the remaining. got it thanks.

  8. #8
    Join Date
    Jan 2007
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    176

    Default

    Hmm, happylalapo you sure you are expert? Beside the minimum 5% cash component, the rest can use CPF la

  9. #9
    Join Date
    Jan 2008
    Posts
    127

    Default

    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%?

  10. #10
    Join Date
    Feb 2008
    Posts
    393

    Red face

    now i very baisei...... to call myself expert liao 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.

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