I was serving a buyer last Sunday. He is single and wants to buy a flat around central / town area. So I arranged for him to view 4 HDB units - 3-rm and 4-rm types. One of the units (a 4'S' type) we saw was fabulous and he immediately fall in love with it. He decided to make an offer but was told to wait by the seller. My buyer agreed.
Meanwhile, being a diligent agent, I was calculating his finance requirement for his installment. Then it hit me that his gross pay exceeds $3000 and hence he has to apply for bank loan. Unfortunately, as I found out then, he could not afford the 5% cash that is required of him for the bank loan, let alone the cash above valuation. Dead end.
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