Let's say you are earning the maximum monthly household income of $16,000 and want to buy one of the largest units at North Gaia - the price is $2 million.
The bank is only able to extend a maximum loan of $1.06 million (assuming you have no liabilities and are 35 years old or younger).
At least 5per cent of the property price has to be in cash. That's $100,000.
This means you will need to have the remaining $840,000 difference in cash and/or CPF.
And that's not including buyer's stamp duty of $64,600 on the purchase and other other miscellaneous fees and charges.
