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Hi guru,
Me and my husband is looking for a resales flat. However I am currently unemployed.
My husband has work for continously 1 year already. With a monthly salary of 3k+ ( with allowance ) basic is 2.2. Combined cpf contribution currently now is only 20k. We have cash saving of 30k.

So assuming we can get AHG grant, with normal first timer grant + staying near parents. total we can get total 65k of grant.

We would also like to take up hdb-instalment loan. I'm not sure how much can we loan?

we are looking into 500k flats. Do you think we can afford? and how much cash has to be involved For a 500k resales flat?
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2 Answers

Ivan Ng
Replied
Hi,

Based on the figures you have given of monthly salary about 3K, the max HDB loan you can get is about 200K.

Adding to the 20K cpf +30K cash+65K grants = 115K you have, this takes you to about 315K. Thus you may wish to consider resale 3-room flats around 300K instead, after factoring in the stamp duties, conveyancing fees, agent fees, and hdb admin fees. May I understand your housing plans further before further advising?

Warm regards,
Ivan ERA
 97432395 
ivanng10@gmail.com
www.ivanng10.com Read More
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Mike Lim
Replied
Afternoon,

With combined income of around $2.2k, excluding allowance, HDB can loan you max of around $150k. With your CPF, cash and possible grant of $65k, you have around $255k of buying power, after deducting the legal and stamp duty. Hence to purchase a unit of around $500k, you will need an extra of $235k cash.

FYI
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More
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