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askguru expert
Hi there, thanks for writing to us on AskGuru.

You may purchase a 2-room Flexi Sale of Balance Flats or resale flat depending on how much cash and CPF you have on hand.

You may check for new launches here: https://homes.hdb.gov.sg/home/landing

Buyers are required to pay 5% of the published price using their CPF and/or cash savings when the EHG they can enjoy exceeds 95% of the published price of the flat.

You may refer to HDB's link here: https://www20.hdb.gov.sg/bp13/bp13005p.nsf/1b2bb828cde1b12a48258623000f7659/$FILE/Nov%202020%20SBF%20-%20Conditions%20For%20Purchase%20(2-room%20Flexi%20-%20Singles).pdf

Here is the general timeline when buying a resale HDB flat:
Assuming a purchase price of $500,000, the breakdown for the fees are as follows (assuming you are taking an HDB loan, Valuation Limit will apply):
1. Downpayment: 10% - $50,000 (CPF)
2. Stamp duty:
a) Buyer's Stamp Duty $9,600
3. Resale application administrative fees - 3-room and bigger ($80) (cash)
4. Processing fee for Request of Valuation - $120 (cash)
5. HDB Fire Insurance - From $1.62 to $8.10 (https://www.hdb.gov.sg/cs/infoweb/residential/living-in-an-hdb-flat/fire-insurance) (cash)
6. Legal fees (assuming you are taking an HDB loan):
a) For Acting in Purchase - $449.00
b) For Acting in Mortgage - $636.00
Total Fees Payable - $1,105.00 (CPF)
7. Agent fees: Subject to discussion with your agent. Assuming at 1% of purchase price: $5,000 (cash)

You may refer to HDB's link here for the full costs: https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/resale/financing/costs-and-fees

Hope this answers your question.

Best Regards,

Team PropertyGuru Read More

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