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Hi Gurus

Quick question... My wife and I just purchased a house which cost 500k. Sellers have already signed the OTP form and have accepted my deposit.

Problem is that my wife is currently self-employed and have $0 income for the past few months due to training and just starting up... The bank has assessed my income and have decided to only loan us 200k.

Meaning we will have to fork out the remaining amount of around $250k by ourselves?

How is this process done? Do we have to pay $250k straight to HDB? Appreciate your advice pls many thanks!
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1 Answer

Mike Lim
Replied
Good morning Marcus,

I would deem that you and your spouse would have done the financial assessment prior the purchase. It would also seems that you have missed out on the requirement for stamp duty, possible ABSD if both of you are SPR and down payment of 5% cash. Hence on top of the purchase price, you might still need an additional S$65k cash if you are SPR. This figure would become bigger if you do not have enough CPF fund.

FYI
Mike Lim
 96929209 
m52i@yahoo.com
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  • MY
    Replied
    Hi Mike! Thank you so much for your prompt help :) Really appreciate it. In fact, we have not done any financial assessment and got the house really quickly because we liked it. I am SC and my wife is SPR. Any info on how much do I need to pay in cash for our first and second HDB appointments? Still very confused and hope someone can enlighten us. Many thanks!

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