You need a million dollars in your bank account to buy property, you’re wrong if you think. Well okay, it will help when you do; but there are more methods for you to start affording home in Singapore:
You don’t must have a million bucks now to purchase a home
The benefit of Singapore is the fact that mortgage loans are widely accessible, and also rock-bottom interest levels.
The minimum down payment is 10 per cent for example, to buy a flat with an HDB loan. This 10 percent can be paid through also your CPF.
To obtain a $450,000 flat, as an example, you could only have to pay for $45,000 from your CPF Ordinary Account (CPF OA); the others could possibly be covered by the HDB loan.
For a personal home, the deposit is 25 per cent. But, 20 percent may be compensated throughout your CPF OA, which means you only require five % in money. As an example:
State an apartment costs $1.2 million. Your total advance payment is as low as $300,000. For this $300,000, as much as $240,000 will come from your CPF. The full total you want in money is simply $60,000. Read more