Quick Answer: What is the downpayment for condo in Singapore?

Singaporeans Foreigners
Minimum Cash Downpayment (5%) $40,000 Not Applicable
Stamp Duty (BSD + ABSD) $18,600 (calculator here) $178,600 (calculator here)
Total Condo Downpayment (CPF + cash) $218,600 $378,600
Cash money you must have on hand $58,600 $378,600

How much do you have to put down for a condo?

The downpayment for a condo is: New condo launch: 20% of the purchase price, of which at least 5% must be paid in cash (i.e. 15% with CPF) Resale condo: At least 5%, including an option fee of at least 1% which must be paid in cash (i.e. 4% with CPF)

How much cash do I need to buy a condo in Singapore?

Total initial cost required

3-Room HDB BTO flat 2-Bedroom private condominium
Selling price $180,000 $900,000
Loan amount $162,000 (assuming HDB Concessionary Loan and 90% LTV) $675,000 (private bank loan at 75% LTV)
Cash and CPF downpayment $18,000 $225,000
Legal fees $181.45 $1,500
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How much is the cheapest condo in Singapore?

Most of them are 1-bedder and/or studio units in District 14, which is the Geylang, Kallang and Aljunied area, located on the eastern fringe of central Singapore.

7. Royce Residences.

Condo: Royce Residence
District: 14
Price: $548,000 – $580,000
Floor area of cheapest unit: 398 sq ft (1-bedroom)
Year of Completion: 2014

How do you know if you can afford a condo?

What Price Condo Can You Afford on Your Income?

  1. Go to annualcreditreport.com and pull your free credit report. …
  2. Figure out how much you make in a year. …
  3. Pull together all your credit card, student loan and auto loan records and any other loans that show up on your credit report.

12.01.2014

Is it smart to buy a condo?

Should you buy a condo? Ask the pros and many will say yes. That’s because a condo offers the layout and livability of a single-family home with the low-maintenance lifestyle of an apartment. That means you don’t have to worry about hassles like mowing, snow removal or replacing the roof.

Is it worth to buy a condo in Singapore?

There’s no right or wrong to buying a condo in Singapore as long as you’re not taking on excessive debt to do so. The value is always in the eye of the beholder, but having a level-headed approach will definitely benefit you for the long term. After all, buying a property is no small matter.

Why you should never buy a condo?

Less Space and Flexibility. Another one of the reasons not to buy a condo is that you have less space and flexibility in how you use your place. Some condos offer owners extra storage space or possibly a basement, but you’ll still likely have a smaller, more compact living environment than you would in a house.

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What is a good salary in Singapore?

Some estimates on how much the average Singaporean is paid monthly puts the figure at over USD$6,000. But a more realistic average would be the most presented by Paylab–, which has the average employee in Singapore earning approximately US$3900.

How much is condo maintenance fee in Singapore?

For a private condo or Executive Condominium (EC) in Singapore, you’re going to pay condo maintenance fees each month to your property management. While you may be required to pay $100 or even less each month for your HDB conservancy charges, the fees per month range from an average of S$300 to up to $1,000.

Can I buy a condo if I own a HDB?

Can I Buy a Condo if I Own an HDB? Only Singaporean citizens can buy a private property while owning an HDB flat. However, you can only after the 5-year Minimum Occupation Period.

Where is the cheapest place to buy a condo?

Even though a condo is a big-ticket item, affordable options exist.

Where you can buy a condo for $100,000 or less!

  1. Salt Lake City. Neighborhood: Central Salt Lake City. …
  2. Cincinnati, Ohio. …
  3. Indianapolis. …
  4. Portland, Oregon. …
  5. Austin, Texas. …
  6. Dallas. …
  7. Atlanta.

22.03.2017

How much house can I afford if I make 40000 a year?

Example. Take a homebuyer who makes $40,000 a year. The maximum amount for monthly mortgage-related payments at 28% of gross income is $933. ($40,000 times 0.28 equals $11,200, and $11,200 divided by 12 months equals $933.33.)

Is it better to buy or rent a condo?

Also, renting is easier than home buying. … And you don’t have to worry about saving up for the down payment and closing costs when you rent. Plus, renting doesn’t put you in debt. When you buy a condo, you’re typically taking out a sizeable mortgage loan that you’ll pay back with interest over 15-30 years.

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What is the 28 36 rule?

The 28/36 rule states that a household should spend no more than 28% of its gross monthly income on total housing expenses, and no more than 36% on all debt, including housing-related expenses and other recurring debt service.

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