Hi,
Indeed there are more than just resale levy when come to 2nd HDB loan.
(1) How much loan can get:
Do note that assessment of income, age and financial situation are the criteria to decide the max lpan.
(2) HDB loan rules:
When using HDB loan, all the available savings in CPF OA must be use for the purchase subject to the CPF withdrawal limits.
Meaning if you are buying a BTO/SBF/resale >60yrs lease, you may use all amount under CPF OA.
If resale HDB lease <60yrs, >30yrs, allowed if remaining lease covers buyer up to the age of at least 80. Total CPF usage allowed will be a pro-rated VL.
If resale HDB lease <30 yrs, you are not allowed to utilize CPF OA.
(3) "Right-sized":
There is a thing known as "right-sized", that is some of the cash proceeds obtained from the selling of previous HDB flat, will be used to reduce loan quantum.
Generally, flat buyer can keep $25k, or 50% of the cash proceeds. In other word, any cash proceeds received earlier will be required to use to reduce loan quantum.
Example:
(a) your cash proceeds was $100k, assumed it was JT in your last HDB flat, your share of cash proceeds was $50k. 50% of your share shall be $25k, thus you have to use $25k for the new flat.
(b) Cash proceeds was $50k, last HDB ownership was JT. 50% of your share was $25k. Then you don't have to use cash for your new purchase.
(4) Resale levy, this is only applicable when you are buying BTO or SBF.
The various resale levy are as such:
3-rm = $30k
4-rm = $40k
5-rm = $45k
EA/EM= $50k
EC = $55k
The above amount is determine by your last flat type and not your new purchase.
Since you are divorced, thus you only need half of the above cost, do note this must be in CASH.
(5) Bank loan:
However, from the 1st look at all the above, may be obtaining bank loan is a better choice.
But do note that by applying bank loan, you have to fork out at least 5% cash for the purchase value.
Bank loan can cover max of 80% of the purchase, the rest of 15% can be in cash and/or CPF.
Hope the above answer to your main concerns, but if there are more queries, 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
Note:
Any response to our answer do not reach us until we scroll through each and every queries posted daily.
The best way to get a follow up is to whatsapp or email us directly.
Read More
