This is HOME truly

[orangejava]

Just asking...

Say I were to get a $600,000 apartment, how much money do I need now? (Cash + CPF )

And how many years I will be in debt for?

Comments

[elmos_world]

You would need at least 20% downpayment (10% cash + 10% max from CPF) = $120k

How long you would be in debt would depend how much you can afford in monthly payments.

Assuming 5% interest,
on 20 years term, monthly repayment is $3167.79
on 25 years term, monthly repayment is $2806.03
on 30 years term, monthly repayment is $2576.74

Monthly payments may be from CPF as well.

I had been advised by colleagues to definitely have more than the minimum 20% downpayment, if I were to buy any property for long term.

The above also does not take into account stamp duties (2% i think), furnishings and other expenses.

[into_the_wild]

yup yups.
usually a 30-year loan is the norm (if you want to leverage), but of course if you are able to afford to reduce the loan tenure, it is even better.

let me know if I can be of assistance in any way. I do real estate. *winks*

http://sites.google.com/site/astutepropertyguide/

[orangejava]

So what's your take? Property Boom or Bubble coming?

[into_the_wild]

I think it'll just slowly creep upwards.

[disjecta]

answers to all your questions..

i did my calculations awhile back .. forgot liao because they changed the ruling or something

http://www.propertyguru.com.sg/mortgage_calculators

[waterbreaker]

果然是住乌节路的有钱人家公子哥儿~

[waterbreaker]

我只是问问而已！

[cello_play]

5% cash
15% CPF
80% bank loan
let me source the best housing loan for u dude =)

[moozerella]

I am sticking with my 4 rm by end of year :p