Buying a Condo

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chixchix
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Buying a Condo

Post by chixchix » Thu, 08 Apr 2010 10:56 pm

Hii all, Singaporeans need to pay a 20% downpayment for any property they purchase, what about foreigners.

I have a friend who just started working in Singapore and wants to purchase a private property here. However ,need to know, do they need to make a 20% downpayment as well ? Since they have no CPF,does it mean all the downpayment has to be done in cash or are there other schemes available for Foreigners... please advise.

Thanks
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Post by carteki » Fri, 09 Apr 2010 9:36 am

Have you visited the very useful guides contained on the Singapore Expats website with regards to buying property?

http://www.singaporeexpats.com/guides-f ... -expat.htm

They should answer all your questions. The deposit amount is not a straight 20% it depends on other factors such as credit score and banks valuation of the property. It could be more.

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Re: Buying a Condo

Post by valleyman » Fri, 09 Apr 2010 3:02 pm

chixchix wrote:Hii all, Singaporeans need to pay a 20% downpayment for any property they purchase, what about foreigners.

I have a friend who just started working in Singapore and wants to purchase a private property here. However ,need to know, do they need to make a 20% downpayment as well ? Since they have no CPF,does it mean all the downpayment has to be done in cash or are there other schemes available for Foreigners... please advise.

Thanks
Short answer to the question - Yes. 80% is the maximum that banks can loan to anyone for buying property. I do not think there is any scheme to bridge the gap. If you find any let me know :D

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Post by Saint » Fri, 09 Apr 2010 3:04 pm

Maybank will lend up to 90% :wink:

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Re: Buying a Condo

Post by carteki » Fri, 09 Apr 2010 3:12 pm

valleyman wrote:
Short answer to the question - Yes. 80% is the maximum that banks can loan to anyone for buying property. I do not think there is any scheme to bridge the gap. If you find any let me know :D
You can take out a personal loan for the difference. The interest rate is higher, but the payment terms are shorter.

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Post by chixchix » Sat, 10 Apr 2010 10:52 pm

Hi thanks for all the feedbacks.However, the first 20% still has to be out in cash .. :o
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Post by valleyman » Thu, 15 Apr 2010 10:52 am

Saint wrote:Maybank will lend up to 90% :wink:
Nope.. Just checked with them.. they will only lend upto 80% now. The website hasn't been updated yet :-|

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Post by MinSG » Thu, 15 Apr 2010 4:04 pm

Yes, 20% in cash and the 20% is just the amount you have to pay to developer or seller(for resale). There is still stamp duty(3% of property price rounded up to the nearest hundreds - S$5400) and legal fee(negotiable and subsidized by the bank when loan is taken up) which will be paid in cash as well. To be safe, you better prepare cash of 23-25% of the property price. Just a reminder. Buyer does not have to pay agent fee for buying condo.

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Post by wineman » Sun, 18 Apr 2010 11:14 am

Hi there, I am eyeing on a new property to be released on 25 April called TREE HOUSE condo. It is 99 years leasehold. estimated to be $850-900psf. Located at 60-66 Chestnum Avenue.
Looking for solely investment purpose. Environment is like located in forest. No amenity nearby but close to BKE and Bukit Panjang.
No MRT nearby.
No Shopping Centre nearby
2 Gardens nearby.

What will be the rental per month like for those who stay near there for existing propoerty?

Any guru who can give me advice?

Thanks :D
viva vita!

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Post by MinSG » Tue, 20 Apr 2010 4:10 pm

TREE HOUSE is expected to have TOP by mid/end 2014. There will be a future LRT station nearby the condo. As of now, I do not know or see any existing condo around that area. Perhaps you can do a search here and find out the rental. However, nowadays things get changed fairly quickly so I am not sure if anyone can foresee how much the condo rental will be like in 4 years. Good luck to you!

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Post by wineman » Mon, 26 Apr 2010 11:08 am

MinSG wrote:TREE HOUSE is expected to have TOP by mid/end 2014. There will be a future LRT station nearby the condo. As of now, I do not know or see any existing condo around that area. Perhaps you can do a search here and find out the rental. However, nowadays things get changed fairly quickly so I am not sure if anyone can foresee how much the condo rental will be like in 4 years. Good luck to you!

It was crazy last week! They have organize ballot because there were so many interested parties to place order.

Last Saturday, in the Straits Times article, it mentioned that Singapore's condo psf is going rooftop ! WOW! Crazy!
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