40% Downpayment

[ysyap]

By transferring to your spouse, it would be regarded as "sale". So stamp duty would apply. N since it would be considered as sale, would the bank loan your spouse your share of both loans? Something which you need to check with bank

Its a sale if your spouse's name is not inside. If both names are co-owners, then withdrawing one name is not considered 'sale' so no stamp duty lah...

[CondoInterested]

Just a point to note for the 60% loan / 40% deposit.

40% Deposit situation,
First 5% must be cash
Stamp Duty 3% cash, under some condition (not sure how) can use CPF
Of the Second 15%, 5% must be cash, 10% can be either cash / CPF

In general, do note that you need to keep at this moment OA+SA or SA alone (if you have enough) a min sum of $65.5k which you cannot use for payment of the property.

Another thing to note in general, if you read CPF rules carefully, excluding HDB loan, for other property loan, you can only use CPF for payment (include interest paid) up to 120% of the amount of loan you take up from the bank. That would mean those taking 80% loan will have to start paying cash about 10 years later and those 60% loan about 20 years later depending on the interest rate.

One more thing to note, if your loan stretch to max 30+ yrs payment period, do calculate that your CPF OA employer contribution start to change lesser from 45 years old onward.

[newbie11]

im curious to know whether u can borrow credit card money to pay loan. under the loan clause, there is something like u need to declare all borrowing, and i think if u use credit card money, most probably they wont grant u the loan.any expert here can comment?

this loan will be part of the DSR, since credit bureau knows everything.

[silver023]

Its a sale if your spouse's name is not inside. If both names are co-owners, then withdrawing one name is not considered 'sale' so no stamp duty lah...

I recall HDB clarifying that if you remove one of the co-owners, SD will apply as it would be deemed a sale of the co-owner's share in the property to the other co-owner.