Deposit on Condo Purchase for PR

[simand]

I'm new to this forum and have a question on buying a condo, as I've been unable to find information on what deposit % is required from banks for home loans to PR's.

Is it 10% or 20% for PR's?


thanks in advance

[hagar]

You will need to do your homework with the banks. They all have some slight differences. Some will not lend more than 80% Some will lend up to 90%. The bank we used had a slightly better interest rate if the deposit was 20% or greater.

Cheers.

[apco1620]

the initial deposit is 1% (cash only) of the price of the condo when you decided to get that place. 4% (cash only) in 2 weeks time to excercise your option to purchase. 5%-15% or more (Cash or CPF) in 8 weeks time to complete the sales. The rest can be loan from the bank.

hope this will help you.

Thanks

Alan

[Superglide]

the initial deposit is 1% (cash only) of the price of the condo when you decided to get that place. 4% (cash only) in 2 weeks time to excercise your option to purchase. 5%-15% or more (Cash or CPF) in 8 weeks time to complete the sales. The rest can be loan from the bank.

hope this will help you.

Thanks

Alan

Who or what is your source for this statement?

[LT]

the initial deposit is 1% (cash only) of the price of the condo when you decided to get that place. 4% (cash only) in 2 weeks time to excercise your option to purchase. 5%-15% or more (Cash or CPF) in 8 weeks time to complete the sales. The rest can be loan from the bank.

hope this will help you.

Thanks

Alan

Hi... I think it should be 1% as a deposit to exercise the option. Upon exercising the option, the balance of minimun 9% will have to be paid via cash or CPF.

For getting a loan from the bank, the interest rate will be lower if you take a loan of 80% and below.

Cheers...