Can a PR buy a condominium with a loan and CPF?

[NOWAR]

Dear friends,

I am a SG PR (32 years old) and would like to know whether I'm eligible to buy a condominium in Singapore? I am quite new to this topic and have limited knowledge. Could you please help me to answer the following questions?
Let's say the condominium price is SGD$1,000,000.

1. Can I apply for 80% bank worth 800,000?

2. Can I use my CPF to pay the remaining 20%? (If so how much I could clam from CPF?)

3. How much cash do I need to have on hand to pay the initial amounts during the purchase?

4. How much do I need to pay monthly after purchasing?

5. What will happen if I miss a monthly payment? (Or a couple of payments?)

6. What is the difference between freehold and 99-year lease? (If I buy a house with a 99-year lease, do I lose the house after the lease?)

7. While most of the condominiums are quoted in millions, why some of them are relatively very cheap?
(ex: I found some condos between 200,000 - 350,000 https://www...com.sg/singapo ... &order=asc)

Appreciate your help!
Thanks a lot.

[BBCDoc]

One thing to clarify about using CPF...you have to pay ALL cash upfront first, and then claim the CPF afterwards.

That means you must have all the cash for the deposit, stamp duty and lawyer fees ready.


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[BBCDoc]

One thing to clarify about using CPF...you have to pay ALL cash upfront first, and then claim the CPF afterwards.

That means you must have all the cash for the deposit, stamp duty and lawyer fees ready.


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[PNGMK]

Yes. 10% cap for CPF. If you miss payments eventually bank will seize and auction property. 99 year props have a limited life and are not so valuable. I suggest you seek advice from a mortgage broker.

[PNGMK]

One thing to clarify about using CPF...you have to pay ALL cash upfront first, and then claim the CPF afterwards.

That means you must have all the cash for the deposit, stamp duty and lawyer fees ready.


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No that's not true. I used CPF OA funds (10% roughly of total price) for part of the down-payment, (20%). Yes the fees etc must be paid in cash. You can pay mortgage payments with CPF OA funds as well.

[BBCDoc]

Sorry,

I wasn’t precise, meant only for the down payment and stamp duty part.

For the down payment, we had to pay all cash upfront, then the CPF reimbursement comes afterwards. This was the kicker that nobody told us, and stressed us out worrying towards the deadline for the full deposit.

You are correct, once we pay the monthly mortgage, we are using CPF directly.

Cheers


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