Hi
Most Singaporean only looking at cash preparation and neglected the amount of CPF incurred as well.
I always prepare a cost breakdown for all my client to allow them to consider how they wanted to finance their home.
This is to ensure that you do not over-stretch yourself in a long term commitment.
Hereby breakdown of the amount required for HDB between 400k~500k with the assumption of getting sufficient HDB loan as this will greatly reduce the amount of cash needed.
Cash required for resale purchase:
(1) OTP deposit & exercise = $5k
(2) Resale application = $80
(3) Registration & microfilming = $215.90 (3-rm & above)
(4) Valuation = $120
(5) Miscellaneous = $16.05
(6) Caveat = $139.30
(7) Fire insurance = $6.60 (5-rm), $5.50 (4-rm)
(8) Salesperson commission (1%+GST) = $4,285 ($400k), $5,350 ($500k)
CPF:
(1) 10% downpayment = $40k ($400k), $50k ($500k)
(2) Basic stamp duty = $6,600 ($400k), $9,600 ($500k)
(3) ABSD (both are SPR,5%) = $20,000 ($400k), $25,000 ($500k)
(4) Legal fee = $1.2k~$1.4k dependent on loan amt
(5) HPS = $600 dependent on loan amt.
It is quite lengthy to go through the whole procedures, but generally, you have to register "Intent to purchase" on HDB website, and receive an approval for loan; both HDB or bank, before setting out for home search.
Hope the above answer to your main concerns, but if there are more queries, do not hesitate and 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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