The breakdown for the fees are as follows:
1. Downpayment: 25% (5% cash and 20% cash and/or CPF)
2. Stamp duty:
a) Buyer's Stamp Duty
3. Resale application administrative fees - 3-room and bigger ($80) (cash)
4. Processing fee for Request of Valuation - $120 (cash)
5. HDB Fire Insurance - From $1.62 to $8.10 (https://www.hdb.gov.sg/cs/infoweb/residential/living-in-an-hdb-flat/fire-insurance) (cash)
6. Legal fees (assuming you are taking a bank loan):
a) For Acting in Purchase - Depends on the purchase price
b) For Acting in Mortgage - Depends on the purchase price
7. Agent fees: Subject to discussion with your agent. Assuming at 1% of purchase price: (cash)
You may refer to HDB's link here for the full costs: https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/resale/financing/costs-and-fees
Do note you will need to set aside a Basic Retirement Sum of $93,000 in your CPF before you can utilise the rest of your CPF for your property purchase. We advise you to engage a property agent who will be able to work out the sums for you.
Hope this answers your question.
Yes, commission is payable. You may text 9620 0827 for a casual chat.
The agent does not receive any payment from the company. All income is generated from service fees or commonly known as commissions.
1) Assist in buying HDB is 1% + GST
2) Assist in buying private; both new launch and resale have no service fee incurred. The seller will pay the commission.
Other fees are as follow:
1) 10% (downpayment can be all CPF + grants) if taking HLE. Max loan 90% of LTV.
2) 25% (downpayment); 5% must be cash, 20% can be cash and/or CPF. Max loan 75% of LTV.
3) Legal fee: $1,200 (private lawyer), both dependent on the value of the purchase.
4) Buyer stamp duty (BSD): ~3% of the purchase price (Cash or CPF)
5) ABSD (Additional BSD): Applicable to PR couple only, 5% (Cash or CPF)
6) Mortgage stamp duty: $500 (Cash)
7) Valuation: $120 (HDB), $2k (private)
8) Resale application: $80 (HDB)
If you had engaged an agent for your purchase, you will need to pay your agent a commission for securing the flat for you.
The typical commission for HDB purchase is 1% of the purchase price. Other fees include Buyer Stamp Duty (BSD or ABSD, if applicable), legal conveyancing fee and other miscellaneous fees.
I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans.
Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305. I will be happy to assess and share with you the possibilities for you in the current market.