Hope someone can help with some ideas...I'm a UK national, been renting here almost 3 years now, and got PR status just after Christmas after marrying my wife Denise (Singapore citizen)...
We're looking to buy an HDB, unfortunately combined income is JUST above the 8k that would qualify for a HDB grant. Initial calculations done by our estate agent (we've just started looking) resulted in us having to pay about $79k upfront based on a 400k flat at 80% bankloan. I don't have any CPF - my wife has 23k in her CPF, but we're advised thaat half of it has to be 'set aside' to cover other expenses, so not much to offset...
We don't have 79k laying around, and to borrow it on a personal loan or moneyline would mean the repayments for that and the bankloan would be more than the 2.4k we're currently paying for rent! Are we too poor to buy a 4 room flat???? Is there any way around the HDB grant threshold or anyone who provides good rates for the downpayment loan? ANY comments are more than welcome, thanks!
John and Denise.