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Hi

You may want to text 9620 0827  for a casual chat. We can discuss your situation and can share with you the transaction process, timeline and an estimated financial statement on your purchase.

Warmest regards

Gavin Read More

Good morning,

I presume both of you are up to 40 years old.

Estimated HLE eligible: $793k based on $12k income
CPF housing grant eligible for 4RM: $50k
EHG not eligible
Proximity grant: $20k if you want to stay near either parents
Total CPF on hand: $110k.

Affording a $900k resale HDB shouldn't be a problem.

These are the figures based on a minimum $900k resale HDB if you are taking max 90% HDB loan.

10% downpayment ($90k) can be paid fully by cpf.
Other costs:
- option deposit $5,000 cash
- stamp duty: $21,600 cash/ cpf
- valuation fee: $120 cash
- resale application fee: $80 cash/ cpf
- legal fees: min $1100 cash/ cpf
- agent's service fee: 1% of purchase price plus gst (cash)

If you have around $16k to $20k cash on hand, should be sufficient.

If you decide to use bank loan, the cash portion will be higher due to the 5% cash downpayment component.

Hope my sharing helps in aiding in your enquiry. May I know how can I value add further in your property needs?

Best regards,

YT Tan
Property Kaki
You dream. I create. We make it happen!
Association of Chartered Certified Accountants Graduate
Singapore Accredited Mortgage Planner

Contact:
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Email: yt.tan91115171@gmail.com

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To find out what’s the estimated valuation of your existing house, try our SRX property tracker.

You will receive free sms update on a monthly basis.SRX property tracker: http://bit.ly/yt_proptrack Read More

Hi,

1) If your active income is consistent and CPF contributed, the bank or HDB will only need 3 months' payslips.
2) If your active income is inconsistent or commission-based and not contributing to CPF, the bank or HDB will need more proof of income.
3) Current household income ceiling is $14k. Thus you may choose to apply for your housing loan from HDB.
https://services2.hdb.gov.sg/webapp/BP27AWHLEApplication/BP27SHome

4) The advantage of using HDB loan is they can provide a maximum of 90% LTV, thus you only need to pay a 10% down-payment.
5) Cost for $500k purchase:
(a) BSD = $9.6k
(b) Legal Fees = $1,105 (assume loan $450k)
(c) Mortgage stamp duty = $500
(d) Valuation = $120
(e) Resale application = $80
(f) Caveat and miscellanous = $300

5) Based on $12k income less than 40yrs old. By applying MSR assessment you are able to loan up to $715k.
Thus it will depend on your cash saving and your expectation of your future home.

Hope the above answer to your main concerns, but if there are more query, 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
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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Hi there,

Thanks for your query!

Perhaps we could engage in an interactive discussion to derive more information on your requirements and objectives, so that I can assist in making an informed decision. As a buyer, you may be faced with a couple of complex issues; example- use of CPF etc. As such, you may wish to work alongside a professional who will guide you step by step and ensure you are not short changed in any case. With possession to the latest and recent sales transactions in the block and vicinity and indicative valuations, you are equipped with the up to date information to press for your price. It is an one time investment with undoubtedly continuous returns having tapped into the market to leverage and obtain the best priced unit.

As a rule of thumb, it is always best to get your finances assured and secured to conduct the search appropriately. I would also illustrate a financial cash computations/projections and financial breakdown calculations with timeline to assess which residential options will best suit your interest best. This will also be followed by; in depth information on the admin matters, legal matters , the overview of procedures and insights to the market. Thank you

Look forward to your reply!

Visit my website for my recent accolades, awards and testimonials @ http://www.kumarrai.myweb.sg

D Kumar
 +65 96659926 
ERA Associate Division Director

#1 team of ERA in Singapore, Asia Pacific International for 2014/5/6/7/8/9/2020

ERA ‘2020 Q1 Top Achievers (Top1%)
ERA Top Achievers 2013-2020
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2014-2020 ERA Asia-Pacific Business Conference Elite Award

P Group
Overall Top 100 achievers 2014-2020 Read More

Hi
To answer your question, BSD and the majority proportion f legal fees can be paid by CPF. For bank loan, a 5% compulsory cash deposit of the valuation of the flat (eg $25k for a $500k value flat) is required and this is excluding COV (if the house have a COV). The difference between bank loan and HDB loan is as below:
Bank Loan: Minimum 5 % Cash Deposit
Another 20 % Deposit (Grant, CPF or Cash)
Up to 75% loan
HDB Loan: Minimum 10% deposit (Grant, CPF or Cash)
Up to 90% loan
While bank loan always attracts a much lower interest rate, your cash outlay will be significantly more due to the compulsory 5% cash deposit requirement. The expected cash outlay for HDB loan is as below:

Deposit: $2 to $5,000 (negotiable between sellers and buyer)
COV ($0 to no fixed amount)
Resale application fee: $80
Valuation Fee: $120
Legal Fee Cash Component: $166

With an household income of $12,000 per month, budget won't be much an issue for HDB as you can expect a loan approval of up to $800k. Together with family grant ($50k), PHG Grant ($20k), OA balance ($110k), technically, you can even afford to purchase a flat in excess of $900k without needing extra cash outlay besides what I have mentioned. However there are still lots of factors and regulations to be considered when buying a resale which we can discuss on a non obligatory basis personally. I am specialised in HDB transactions and a vast majority of my buyers managed to secure a flat without COV despite the seller's market situation Do contact me at 93375051  for a free and non obligatory discussion on this.
Regards
Taufik Hussein
ERA Realty Network Pte Ltd
CEA Reg No: R061607B Read More

Hi,

Based on the above figures that you have given, you should be very comfortable to afford a $500k flat if you plan to get the CPF Housing Grant and Proximity Housing Grant.

Based on your profile, you do qualify for up to $50k + $20k = $70k grant if you purchase a 4RM flat. Add this to your combined existing CPF-OA of $110k, you will have $180k for your downpayment of the flat.

Based on your combined income of $12k, your estimated loan amount is $793,500. Add your CPF funds of $180k to it, and you can have a purchase budget of up to $973,500. Take note that you will need to set aside some funds for Stamp Duty, which is abt $24,600 for a $1m flat. With this in mind, you can purchase up a flat of up to $950k if you want to.

You may wish to play around the figures using this calculator:
https://homes.hdb.gov.sg/home/calculator/budget

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

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.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More