A quick reference guide for people looking to own their very first private property. Following assumptions are made
- Your loan approval is 75% of the condo price. There are many ways to achieve that even if it’s not your first property.
- Bank Loan at 3.5%. The ‘stress test’ rate which the banks will use to loan you the amount. The actual monthly payment will be much lesser as the current bank loan rates are around 2%
- All actual incomes required are rounded up. This point together with the bank loan rate of 3.5% means that your actual income required will be lower.
- Cash/ CPF used is assumed to be 25%. As mentioned in my previous post, for buildings under construction, you do not need to handover the immediate 25% but for the sake of simplicity, we show the 25% required
Are you interested to own your very first private property? Or you already own one but you are not sure about which condo to invest in next? Feel free to contact me at the form on the right side of the website or below. I would be delighted to assist you in your journey!
The information provided on this Datacrunch Real Estate website has been compiled for your convenience. All information (including but not limited to the property area, floor size, price, address and general property description) on the Datacrunch Real Estate website is provided as a convenience to you.
This disclaimer informs readers that the views, thoughts, and opinions expressed in the text belong solely to the author, and not necessarily to the author’s employer, organization, committee or other group or individual.
Datacrunch Real Estate does not accept liability for any investment decision made on the basis of this information. This website does not constitute financial advice and should not be taken as such.