2 Answers

YT Tan (陈永达)
Morning Richard, If you based on your HLE (90% of valuation), you can look out for units that are valued at $307,000 which there are still resale 3RM flats available which probably you can purchase at value at this point of time thus lesser cash outlay. Are you a first time buyers? If you are, you will be eligible for CPF housing grant. Current CPF OA funds is enough to pay buyer's stamp duty and 10% CPF downpayment if house is bought at $307k valuation. While for $10k cash will be enough for $5k deposit, valuation fee, resale submission, HDB legal fees, 1% agent commission. If you need any assistance in your property purchase, feel free to contact me as this is my second time replying your post. Hear from you soon! Warmest Regards, YT TAN 陈永达 | ACCA Graduate, RES Senior District Manager R043025D ECG Property Pte Ltd (A Wholly Owned Subsidiary of ECG Group of Companies) Estate Agent no. L3009759F Blk 190 Lorong 6 Toa Payoh #05-508 S (310190) (M): +65 9111 5171 (E): yt.lovelyhomes@gmail.com (W): www.yttan.com (W): yttan.stproperty.com.sg/ (W) www.lovelyhomes.com.sg (W) www.ecgproperty.com
YT Tan (陈永达)
Evening Richard, if you are taking a bank loan, your downpayment will be 20% and it will consist of 5% cash and 15% CPF/ Cash (if shortfall). Your current CPF OA funds with $20k housing grant will be enough to cover 15% CPF downpayment and estimated 3% buyer's stamp duty. As for cash outlay will be 5% cash downpayment, $3k legal fees, $210 valuation fee, $80 resale submission and 1% agent fee. You need at least $25k cash. So you will lack of $15k as of now. If you are tight on cash, I will suggest to take HDB loan where you can pay the 10% downpayment by CPF. Hope it helps.