|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|
|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|
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.
|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?
- Go to annualcreditreport.com and pull your free credit report. …
- Figure out how much you make in a year. …
- Pull together all your credit card, student loan and auto loan records and any other loans that show up on your credit report.
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.
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!
- Salt Lake City. Neighborhood: Central Salt Lake City. …
- Cincinnati, Ohio. …
- Indianapolis. …
- Portland, Oregon. …
- Austin, Texas. …
- Dallas. …
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.
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.