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Deposit on Condo Purchase for PR
Posted: Sun, 21 Oct 2007 11:45 am
by 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
Posted: Tue, 23 Oct 2007 10:59 am
by 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.
Posted: Tue, 23 Oct 2007 12:49 pm
by 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
Posted: Tue, 23 Oct 2007 1:28 pm
by Superglide
apco1620 wrote: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?
Posted: Tue, 23 Oct 2007 1:38 pm
by LT
apco1620 wrote: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...