Hi Guru,
My daughter intends to buy an HDB flat as a single owner as she has reached the age of 35 yrs old. She has only about $100k to finance including the stamp duites, COV etc. She will take up an 80% loan.She definitely wants in an area that is very convienient, ie walking to MRT, eateries etc. With this budget is she able to buy a 4 room flat? She want to rent in out in 3 years time and must be able to get a reaonable rate of return for her rental plus paying for her monthly loan. I think she can go for a 30 yrs loan.
Thank you,
Regards,
Thomas
Posted by Tan Zing on Aug 26, 2011 in Home Financing | 310 Views
Latest Answers by Real Estate Professionals (3 Answers)
Answer Posted on Aug 27, 2011
The S&P process needs careful and confident planning in financial, timeline and checklist especially HDB, CPF, bank and lawyer etc. Recently my client 'suddently' bought a dream condo while 'holding on' to a HDB flat. They needed the extra 'funds' for the condo. Hence, after a series of planning, discussion and deliberation, they finally decided to sell their HDB unit. Engage an agent if you expect a consistent S&P process. The stress relief effort is enormous and the commission is insignificant. Check this site: www.catherinepang.com
Answer Posted on Aug 26, 2011
Hi Thomas,
Many other factors to look into:
Is the 100k in cash or CPF?
Flats near MRT have a high COV component, which must be paid in cash. This will reduce your cash pool for the deposit.
Will she be eligible for HDB loan(up to 90%) or looking at Bank Loan(80%)?
This will determine her monthly instalment.
Also, She can only rent it out after MOP of 5 yrs, not 3.
Too limited space here to list down everything.
Feel free to drop me a line to chat. 91861765
Cheers
Darren
darren33ong@gmail.com
Many other factors to look into:
Is the 100k in cash or CPF?
Flats near MRT have a high COV component, which must be paid in cash. This will reduce your cash pool for the deposit.
Will she be eligible for HDB loan(up to 90%) or looking at Bank Loan(80%)?
This will determine her monthly instalment.
Also, She can only rent it out after MOP of 5 yrs, not 3.
Too limited space here to list down everything.
Feel free to drop me a line to chat. 91861765
Cheers
Darren
darren33ong@gmail.com
Answer Posted on Aug 26, 2011
Afternoon Thomas,
I would require the exact figures, in terms of CPF OA and Cash component, as a better guideline for my advice.
However, from the looks of it, getting a 4 room flat would still be quite possible. To ensure that all things move smoothly, it would be good to meet up for detailed discussion.
Hope to hear from you soon.
Regards
Mike Lim
96929209
ERA
I would require the exact figures, in terms of CPF OA and Cash component, as a better guideline for my advice.
However, from the looks of it, getting a 4 room flat would still be quite possible. To ensure that all things move smoothly, it would be good to meet up for detailed discussion.
Hope to hear from you soon.
Regards
Mike Lim
96929209
ERA
Ask a Question
Search Questions & Answers
Browse Questions by Categories
Advertising in PropertyGuru (321)
Condo Questions (5223)
Design, Deco & Renovation (67)
General Questions (3177)
HDB Questions (3192)
Home Buying (6313)
Home Financing (1100)
Home Selling (1372)
Investing in Singapore (473)
Living in Singapore (101)
Property Agents (786)
Property Legal Advice (470)
Property Market (592)
Renting Property (2778)
Using PropertyGuru.com.sg (181)
Hi Mike,
Tks for your quick response.
I will revert back next week.
A good weekend ahead.
Cheers