Hi,
I am currently looking for a 4 rm HDB flat in the east. However I am not sure what kind of cash must I have. Example if the flat price is $400,000 and valuation is $380,000, how much cash must I have in order to afford the purchase. Do advise. Thanks
Posted by aun khin seow on Jan 25, 2011 in HDB Questions | 948 Views
Latest Answers by Real Estate Professionals (3 Answers)
Answer Posted on Jan 31, 2011
Hi Aun Khin Seow,
It depend whether you are taking HDB or bank loan.
If you are taking bank loan, you will need
1) 5% of downpayment in cash = $19,000
2) 15% of downpayment in CPF/cash =$57,000
3) Stamp duty in CPF/cash =$6,600
4) Agent fees in cash =$4,000
5) COV =$20,000
Therefore, you will need able $43,000 in cash, provided you can cover the CPF portion.
If you are HDB loan, you will need
1) COV =$20,000
2) 10% of downpayment in CPF =$38,000
3) Agent fees in cash =$4,000
Therefore, you will probably need only $24,000 in cash, provided you can cover the CPF portion.
Hope I had answered your question.
Feel free to contact me if you required any assistance.
Thanks and Regards
Johnny Goh
Group Director
Dennis Wee Realty Pte Ltd
CEA registration number R018297H
Mobile: 90906267
Email: johnnygohmh@dwg.com.sg
Website: johnnygohproperty.com
It depend whether you are taking HDB or bank loan.
If you are taking bank loan, you will need
1) 5% of downpayment in cash = $19,000
2) 15% of downpayment in CPF/cash =$57,000
3) Stamp duty in CPF/cash =$6,600
4) Agent fees in cash =$4,000
5) COV =$20,000
Therefore, you will need able $43,000 in cash, provided you can cover the CPF portion.
If you are HDB loan, you will need
1) COV =$20,000
2) 10% of downpayment in CPF =$38,000
3) Agent fees in cash =$4,000
Therefore, you will probably need only $24,000 in cash, provided you can cover the CPF portion.
Hope I had answered your question.
Feel free to contact me if you required any assistance.
Thanks and Regards
Johnny Goh
Group Director
Dennis Wee Realty Pte Ltd
CEA registration number R018297H
Mobile: 90906267
Email: johnnygohmh@dwg.com.sg
Website: johnnygohproperty.com
Answer Posted on Jan 26, 2011
Hi
IF valution is $400,000 selling price-420,000
then COV is $20k in cash.
First time buyer can loan from bank 80% of valution price.20% must be in cash/CPF
5% cash is required.The rest of 15% in cash or cpf.
Stamp fee-3% of valution.
Agt fee 1% of sellinf price
If u need me to hunt the hse for u.Kindly call me at 91551038.
Regards
Richard Seet
HSR
CEA Reg.No R006083Z
IF valution is $400,000 selling price-420,000
then COV is $20k in cash.
First time buyer can loan from bank 80% of valution price.20% must be in cash/CPF
5% cash is required.The rest of 15% in cash or cpf.
Stamp fee-3% of valution.
Agt fee 1% of sellinf price
If u need me to hunt the hse for u.Kindly call me at 91551038.
Regards
Richard Seet
HSR
CEA Reg.No R006083Z
Answer Posted on Jan 26, 2011
Hi,
If say the valuation is $380,000 and it's selling at $400,000 means the COV is $20,000. this will be in cash. If you are taking bank loan and this is your first housing loan the max loan will be 80% of the valuation price. ( subject to bank approval)
So the balance 20% will be about $76,000.
5% of this will be paid in cash. That's about $3800
The balance $72,200 will be in cash or Cpf.
There's also stamp fee of $6000. ( 3% of valuation - $5400)
So your total cash/ Cpf needed is about $82,000.
And there is also agent's commission not included
Hope this helps.
If you need more details or an agent to help you locate a house please call or email me.
Regards
Stanley Soh
Orangetee.com
Cea Reg :R012218E
Hp: 93270274
Email: huanyao27@yahoo.com.sg
If say the valuation is $380,000 and it's selling at $400,000 means the COV is $20,000. this will be in cash. If you are taking bank loan and this is your first housing loan the max loan will be 80% of the valuation price. ( subject to bank approval)
So the balance 20% will be about $76,000.
5% of this will be paid in cash. That's about $3800
The balance $72,200 will be in cash or Cpf.
There's also stamp fee of $6000. ( 3% of valuation - $5400)
So your total cash/ Cpf needed is about $82,000.
And there is also agent's commission not included
Hope this helps.
If you need more details or an agent to help you locate a house please call or email me.
Regards
Stanley Soh
Orangetee.com
Cea Reg :R012218E
Hp: 93270274
Email: huanyao27@yahoo.com.sg
Reply from aun khin seow - Jan 26, 2011
Hi,
Are you sure it is 5% of the $76000. From the information I have gathered so far it seems to be 5% of $380000 = $19000
Why is there a deduction of $5400 from the 3% of valuation?
I am not worried about CPF but more on the cash as I am quite a spender hence not much cash.
Hi,
Are you sure it is 5% of the $76000. From the information I have gathered so far it seems to be 5% of $380000 = $19000
Why is there a deduction of $5400 from the 3% of valuation?
I am not worried about CPF but more on the cash as I am quite a spender hence not much cash.
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Hi, Base your the percentage you have indicated what will be the amount of cash I will required to fork out. As I am worry I might not have enough cash. I am not worried about CPF.