Buying a property is expensive in Singapore. And it seems like it's something that's more and more unattainable these days, especially given the increasing property prices in the last two years.
For private property, the downpayment is 25 per cent when you take a bank loan. However, 20 per cent can be paid through your CPF OA savings, so you only need five per cent in cash. This is enough to make the downpayment on a property that costs up to $1.6 million. If you start doing this at the age of 25 - while still diligently contributing to your CPF, of course - you could have enough to afford a private property by 35.
Depending on the law firm you use, your CPF savings can also cover any conveyancing fees when buying property. When getting a home loan, you are subject to the Total Debt Servicing Ratio . Under the TDSR, your total debt obligations are capped at 55 per cent of your monthly income.
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