(by Bank Loan & CPF Funds):
1. You can take up bank loan up to 90% of valuation amount or purchase price (whichever is lower inclusive of CPF), for private and public residential properties.
2. Permanent residents are limited to only one (1) Singapore Dollar Loan to purchase a residential property for owner occupation only.
3. Singapore Dollar loan is not available to Foreigners and Non-Singapore companies.
4. Cash downpayment for private residential properties is capped at 5%. For HDB buyers, the cash downpayment now at 5%.
5. CPF funds can now be used to buy residential properties with shorter leases of 30 to 59 years. Withdrawal limits pegged to purchaser's age and the remaining lease on the property.
6. Savings in the Ordinary Account in excess of the Minimum Sum cash component can be used to buy only second and subsequent properties (effective July 1, 2006).
7. CPF funds can no longer be used to purchase non-residential properties.
8. Stamp Fee is payable upon completion for completed property and earmarked from CPF account if amount available is sufficient to cover stamp fee and legal fee upon application of CPF withdrawal for purchase. For uncompleted property, upon TOP.
Calculation of Stamp Fee -
1st $180,000 @ 1%
Next $180,000 @ 2%
Balance @ 3%
OR
3% of Selling Price less $5,400.
9. Legal Fee can be payable by CPF or Cash upon legal completion.
Non-numeric values will cause errors.
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