Deposit on Condo Purchase for PR

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simand
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Deposit on Condo Purchase for PR

Post by simand » Sun, 21 Oct 2007 11:45 am

I'm new to this forum and have a question on buying a condo, as I've been unable to find information on what deposit % is required from banks for home loans to PR's.

Is it 10% or 20% for PR's?


thanks in advance

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hagar
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Post by hagar » Tue, 23 Oct 2007 10:59 am

You will need to do your homework with the banks. They all have some slight differences. Some will not lend more than 80% Some will lend up to 90%. The bank we used had a slightly better interest rate if the deposit was 20% or greater.

Cheers.

apco1620
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Post by apco1620 » Tue, 23 Oct 2007 12:49 pm

the initial deposit is 1% (cash only) of the price of the condo when you decided to get that place. 4% (cash only) in 2 weeks time to excercise your option to purchase. 5%-15% or more (Cash or CPF) in 8 weeks time to complete the sales. The rest can be loan from the bank.

hope this will help you.

Thanks

Alan

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Post by Superglide » Tue, 23 Oct 2007 1:28 pm

apco1620 wrote:the initial deposit is 1% (cash only) of the price of the condo when you decided to get that place. 4% (cash only) in 2 weeks time to excercise your option to purchase. 5%-15% or more (Cash or CPF) in 8 weeks time to complete the sales. The rest can be loan from the bank.

hope this will help you.

Thanks

Alan
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LT
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Post by LT » Tue, 23 Oct 2007 1:38 pm

apco1620 wrote:the initial deposit is 1% (cash only) of the price of the condo when you decided to get that place. 4% (cash only) in 2 weeks time to excercise your option to purchase. 5%-15% or more (Cash or CPF) in 8 weeks time to complete the sales. The rest can be loan from the bank.

hope this will help you.

Thanks

Alan
Hi... I think it should be 1% as a deposit to exercise the option. Upon exercising the option, the balance of minimun 9% will have to be paid via cash or CPF.

For getting a loan from the bank, the interest rate will be lower if you take a loan of 80% and below.

Cheers...
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