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Friend of mine ( a divorcee ) is urgently looking for a resales 3 rms flat ideally in Bedok (near TM MRT). However, she is worry of her current CPF OA ( approx. S$120K ) will not be eligible. She has a stable job and manageble to top up cash for monthly installment. Therefore, need your best advices to solve her problem. Thanks.
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1 Answer

Mike Lim
Replied
Afternoon Willis,

If you friend is eligible for HDB loan, the 10% downpayment, legal and stamp fee can be paid using CPF. Cash component will be the COV, salesperson comm and misc.
But if your friend is only eligible for bank loan of 80%, 5% must be paid in cash. 15% of the downpayment can be paid using CPF.
As for how much loan she can get or need, I will need to work things out with your friend to provide her with the necessary answer.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More
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  • WM
    Replied
    Hi Mike,

    While I am still waiting for your reply, could you please delete my question in your " Ask Gru " column in which just hope to keep it more personal and low profile.

    Appreicated you can PM to my hotmail instead at willischang@hotmail.com

    Thanks.
  • WM
    Replied
    Hi Mike,

    Appreciated your prompt reply in detail and let discuss further as follow :

    1). Yes, she is eligible for HDB load
    2). Can she affort a 3rms at Val S$315K.? if any w/o COV or wz a lower VAL...if you have any unit available, please recommend.
    3). Possible to work out an example wz all necessary loan details with max years of load limitation.

    Age - 44 ( average income $2K )
    CPF OA - S$120K

    a). Val 315K ( w/o COV )
    b). Val 280K or lower ( with a max $2K COV )

    ** Currently, she pays rental at approx. $850/mth for a room at Bedok territory (walking distance to TM MRT)

    Shall hear from you in return.

    Thanks/Willis

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