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Hi,

You missed out on current status thus can only assume you are 1st timer.

Grants available for your case are as follow:
1) Family Grant: SC/SPR; $40,000 (4-rm or smaller), $30,000 (5-rm or bigger). There is difference of $10k from SC/SC configuration.
2) EHG (Enhanced Housing grant): Your exact household income will have to assess by HDB to determine which group it falls into. Thus the amount here is just for your reference;
$5,001~$5,500 = $40,000, $5501~$6,000 = $35,000. Because your wife is self-employed thus income is not fixed. So has to check the 2019 tax statement to determine the exact amount.
3) Proximity Housing Grant: $30,000 if staying with parents, $20k for staying within 4km of your parent's place of residence.

Other things that wished to highlight are as follow:
1) SC/SPR configuration is entitled to HDB loan. For your case, I would suggest you take advantage of the HDB loan.
Although HDB loan interest is on the higher end; 2.6% compared to the current bank loan of 1.3/4%.
2) HDB loan can loan up to 90% of the valuation value, thus your downpayment can easily settle using the grants, which easily around $65k even if you considered to take a bigger flat (5-rm or bigger), or $80k if considering 4-rm.
The amount tabulated did not take into consideration of proximity grant.
3) Cash upfront to prepare is $5k to offer for exchange of OTP. It can be lower if negotiate with the seller.
4) The additional fund from grants and your current OA can be used to offset legal fees, buyer stamp duty, mortgage stamp duty, etc. Ensure you inform HDB regarding this so you don't have to fork out additional cash.
5) There are a few hundred dollars also need to be ready to pay for the resale application, valuation report, and miscellaneous. Detail of the fee can be found under this link:
https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/resale/financing/costs-and-fees

Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer/

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Appreciate your sharing ,you are able to form a family nucleus with your son to purchase a HDB. For grants, I am able to check for you after details. Wishing you Happy 2021 and looking forward to assist you ! Stewart-Propnex 9696 4398  Read More

Hi sir

I think you might have some misunderstanding on the $10k top up premium. What it means is that you will be getting $10k lesser grant as compared to fully Singaporean couples. You can claim back the grant in the form of reducing of your mortgage loan or credit back to your CPF in case of your flat being fully paid in future should your wife becomes Singaporean or your wife gives birth to a Singaporean Child. Grants you are eligible is Family grant ($40k for 4 room flat and below and $30k for 5 room and above), EHG grant (based on your household income and same treatment as any other Singaporean couple and PHG grant. Do contact me at 93375051  for a free and non obligatory discussions on this.

Regards
Taufik Hussein
ERA Realty Network Pte Ltd Read More

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