Basic question on financing second hand condo

[lchunleo]

Hi all,

wish to consult guru here, how much do i need to have in cash to purchase second hand freehold property? sorry if i sound vague, what are the policy should i be consulting? i remember that this loan policy which one can only borrow after minus all outstanding loans etc at 60% of the value? sorry am ignorant to this housing stuff just wish to have an idea how much cash do i need to prepare in even i wish to purchase the property...thanks

[Arcachon]

Hi all,

wish to consult guru here, how much do i need to have in cash to purchase second hand freehold property? sorry if i sound vague, what are the policy should i be consulting? i remember that this loan policy which one can only borrow after minus all outstanding loans etc at 60% of the value? sorry am ignorant to this housing stuff just wish to have an idea how much cash do i need to prepare in even i wish to purchase the property...thanks

http://bit.ly/1dDdRS7

[PC08]

Hi all,

wish to consult guru here, how much do i need to have in cash to purchase second hand freehold property? sorry if i sound vague, what are the policy should i be consulting? i remember that this loan policy which one can only borrow after minus all outstanding loans etc at 60% of the value? sorry am ignorant to this housing stuff just wish to have an idea how much cash do i need to prepare in even i wish to purchase the property...thanks

http://www.smartloans.sg/loan-affordability-calculator

[sporadic]

Hi all,

wish to consult guru here, how much do i need to have in cash to purchase second hand freehold property? sorry if i sound vague, what are the policy should i be consulting? i remember that this loan policy which one can only borrow after minus all outstanding loans etc at 60% of the value? sorry am ignorant to this housing stuff just wish to have an idea how much cash do i need to prepare in even i wish to purchase the property...thanks

Prepare 40% (only 20% - 5 cash, 15 CPF- if it is your first and only property) for down payment , about 3 % for stamp duty , about 2 k for bank and legal fees, and depending on your nationality and whether you are affected, x% for additional buyer's stamp duty.

Also note the thing called TDSR- affects how much loan you can take.