You will be asked to place an option fee of 1% of the purchase price. When you choose to exercise this option, you will (usually) be asked to pay another 4% of the purchase price. If this is your first property, you can borrow up to 80% of the purchase price or valuation (whichever is lower). Of the remaining 20%, 5% is to be paid in cash and the rest in either cash or CPF funds.

Q: I am 35 this year and a salaried employee
A: Yes, your payslips and CPF contribution will be used to determine loan eligibility

Q: I am self-employed and running 2 businesses
A: Yes, your last 2 years of income tax assessment will be used to determine loan eligibility

Q: I am starting a new job next month only.
A: Yes, your employment letter and first month payslip will be used to determine loan eligibility. Do note that some banks have a minimum income criteria