Hereby breakdown of the cost needed ($350k budget) for reference, this is taking assumption both of you are younger than 40 yrs old.
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 = $15
(6) Caveat = $139.30
(7) Fire insurance = $5.50 (4-rm)
(8) Salesperson commission (1%+GST) = $3,745
CPF required for resale purchase:
(1) 10% downpayment = $35k
(2) BSD (Buyer stamp duty) = $5,100
(3) Legal fee = $781 (Assume you are using HDB legal service)
(4) Mortgage stamp duty = $500
(5) Home Protection Scheme = $282 (assume loan $310K)
Loan amount = $288K
Monthly mortgage: $1,407
Loan Tenure : 25 yrs
Hope the above answer to your main concerns, but if there are more queries, please feel free to contact me at 90110636
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Ling CK 90110636
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