Depending on the purchase price, typically the amount to be prepared is as indicated below:
• Upon exercise of the OTP, you would usually be required to pay 5-10% of the purchase price (excl. option fee) as a down payment.
• If this is your first property for which you are taking up a loan, you can pay up to 80% of the purchase price with your loan.
• If this is your third or subsequent property and you have more than 1 existing loan on any other property, you can pay up to 40% of the purchase price with your loan.
In addition, other fees to be prepared will be:
• Stamp Duty (3% of purchase price - $5,400) [Up to a maximum of $5,400 you mean?]
• Additional Stamp Duty if applicable
• Conveyance Fee (No Legal subsidy for new purchase as per MAS guidelines, while refinancing can enjoy legal subsidy from certain lenders - typically ranged between $1,500- $3,000)
• Valuation Fee (No Valuation Subsidy for new purchase as per MAS guidelines, while refinancing can enjoy valuation subsidy from certain lenders - typically up to $500)
• Fire Insurance
Note that for any new launches with cash rebates or incentives such as renovation or furniture, banks will typically factor in the rebate into the purchase price resulting in a lower approving amount.