Asked by Anonymous
Hi gurus,
I wanted to consider buying a 3 room HDB Resale flat and engage a property agent to pay 1% commission which is $3K according to what i researched on the internet.
Summary of my story : my second marriage to my current wife , I applied HFE some time back already and HFE expiring soon on end june 2024.
Currently we rent a room rental which are expiring soon,
Based on HFE of my name and my spouse Wife name:
CPF Housing grants: $60K ( it states 4 room or smaller)
Maximum HDB Loan is $90K
My CPF OA Balance is: $130K and my spouse is: $20K , Total: $150K
Cash in bank : $20K
---------------
Total : $320K , by right should be enough to purchase a $300K HDB 3Room resale right?
Questions:
(1)But isn’t it very tight ?, because we might need to do minor renovation which might incurred $10K to $25K which we decide to borrow renovation loan , however, will it affect the HDB Loan repayment or HDB Loan itself?
(2) can a guru agent calculate roughly how much in cash must I set apart besides the HDB buyer agent fees ? Lawyer fees roughly how much and other fees ? Valuation report fees ? Resale application fees? Each item how much ? ( i gather some information from internet)
(3) remember i mentioned above that it is my 2nd marriage ,my ist subsidised HDB with my first spouse , we divorced and sold off the HDB and sales is completed last year and CPF with interest is returned to my CPF , however my current HFE , there is a page that said “ you will have to pay a Resale Levy of $20K, if you buy another subsidised flat from HDB”
(3a) Resale 3 room is it a subsidised flat from HDB ?
(3b) how am i going to pay the resale levy ? Cash or CPF? When ? Before we go offer OTP for the house or after we exercised OTP?
(4)Lastly , i am aged 46 this year , and my 2nd marriage wife is aged 26, we are both Singaporeans , how does the thing about remaining lease cover till age 95 impact (4a) HDB loan , especially my age , loan term impact ? (4b) my 2nd marriage wife age affect the resale flat need cover her till age 95 , so remaining lease should be 95 –27=68 years lease , which means most probably the resale flat is going to be expensive and way beyond $300K and i cannot select a resale flat with only left for example 40 years old lease right ?
Can the guru agent here , anyone explain clearly by putting on my shoes, the questions i ask from (1) to (4b) ?? Thanks in advance !!
I am open to engage agent if agent bother to explain here more in details to educate the public here than leaving me,(the public) a generic answer to ask people to contact them “ to assist further” which i saw in some replies without bother to answer the question at all.
I wanted to consider buying a 3 room HDB Resale flat and engage a property agent to pay 1% commission which is $3K according to what i researched on the internet.
Summary of my story : my second marriage to my current wife , I applied HFE some time back already and HFE expiring soon on end june 2024.
Currently we rent a room rental which are expiring soon,
Based on HFE of my name and my spouse Wife name:
CPF Housing grants: $60K ( it states 4 room or smaller)
Maximum HDB Loan is $90K
My CPF OA Balance is: $130K and my spouse is: $20K , Total: $150K
Cash in bank : $20K
---------------
Total : $320K , by right should be enough to purchase a $300K HDB 3Room resale right?
Questions:
(1)But isn’t it very tight ?, because we might need to do minor renovation which might incurred $10K to $25K which we decide to borrow renovation loan , however, will it affect the HDB Loan repayment or HDB Loan itself?
(2) can a guru agent calculate roughly how much in cash must I set apart besides the HDB buyer agent fees ? Lawyer fees roughly how much and other fees ? Valuation report fees ? Resale application fees? Each item how much ? ( i gather some information from internet)
(3) remember i mentioned above that it is my 2nd marriage ,my ist subsidised HDB with my first spouse , we divorced and sold off the HDB and sales is completed last year and CPF with interest is returned to my CPF , however my current HFE , there is a page that said “ you will have to pay a Resale Levy of $20K, if you buy another subsidised flat from HDB”
(3a) Resale 3 room is it a subsidised flat from HDB ?
(3b) how am i going to pay the resale levy ? Cash or CPF? When ? Before we go offer OTP for the house or after we exercised OTP?
(4)Lastly , i am aged 46 this year , and my 2nd marriage wife is aged 26, we are both Singaporeans , how does the thing about remaining lease cover till age 95 impact (4a) HDB loan , especially my age , loan term impact ? (4b) my 2nd marriage wife age affect the resale flat need cover her till age 95 , so remaining lease should be 95 –27=68 years lease , which means most probably the resale flat is going to be expensive and way beyond $300K and i cannot select a resale flat with only left for example 40 years old lease right ?
Can the guru agent here , anyone explain clearly by putting on my shoes, the questions i ask from (1) to (4b) ?? Thanks in advance !!
I am open to engage agent if agent bother to explain here more in details to educate the public here than leaving me,(the public) a generic answer to ask people to contact them “ to assist further” which i saw in some replies without bother to answer the question at all.
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