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Hi,

I'm using the HLE calculator on HDB website which is the same approach as MSR model.

Note that buying HDB is using MSR model instead of TDSR.

Assumption made here are:
(1) Both of you are 30 years old (born in 1987)
(2) No variable payout, allowance, bonus.
(3) No vehicle loan, credit line/overdraft, credit card balance, hire purchase payment, renovation loan, other loans.
(4) Buying a flat > 60years old.
(5) Joint applicant

Without considering CPF OA & cash, these are irrelant to loan.

The max loan amount from HDB is the same as bank, the only difference here is the interest rate charge.
HDB = 2.6%, Bank varies = e.g. DBS is offering 1.4% fixed for 2 yrs.

Maximum loan you can get = $409,900.
Monthly maximum mortgage servicing = $ 1,860.
Estimated that can pay with CPF = $ 1,240,
Cash monthly = $1,860 - $1,240 = $ 620.

To consider max property value with consideration of CPF OA = $409,900 + $93k = $502,900
Just to remind that, you will up to max of $5k cash for OTP deposit + exercising.

Max property value: $502,900 + $5k = $507,900
Renovation available = $ 35,000

Please note all the above calculation does not include stamp duty, legal fees & miscellaneous charges.

Hope the above answer to your main concerns, but if there are more queries, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com

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Good afternoon,

Based on 30 years loan, you should be able to obtain mortgage loan of around $440k, subjected to lease balance of the unit purchase, your basic income figure (excluding allowance and bonus) and your credit record.
Being SPR, 5% ABSD is payable.
With bank loan, 5% down payment are to be made in cash and balance 15% down payment can be made using CPF.
Standard legal and stamp duty can be paid by CPF.
Hence, your purchase power would be around $520k.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA

Looking for someone who have knowledge and experience on sales and purchase of residential properties?
With more than 10 years experience on cases related to:

1) Mental Capacity Act
2) Long Lasting Power of Attorney
3) Estate Planning and Distribution
4) Divorce
5) Bankruptcy

You can have your doubts cleared before moving forward in life’s most expensive and rewarding decision with ease of mind. Read More

Hi

If you want to know how much you can borrow, write to gavin.ng@orangetee.com. We will refer you to a banker who with give you an IPA. (In-principle-approval). This will be the amount that the bank will lend you.

Looking forward to hear from you.

Gavin Read More