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RES Course Day 7
Course notes for property agent wannabe
Housing Loan
- 1st loan
- Cash 5%
- LTV 75%
- But if > 65yo or > 30y tenure, then -20% (=55%)
- The rest CPF/Cash
- 2nd loan
- Cash 25%
- LTV 45%
- 3rd loan
- Cash 25%
- LTV 35%
- TDSR
- Max 55% of income for all the debts
- HDB
- Max loan tenor 25y
GST
- Exempted for sale of residential
- But to account for in rental, if furnished
- But agent fee has GST
- So comm + GST to charge vendor
- Cobroke is complex when:
- Alice is non-GST, seller agent
- Bob is GST, buyer agent
- Alice can tell Bob he has to absorb the GST
- Eg. $10k -> $5k each
- Bob $5k includes the GST
- Eg. $10k -> $5k each