I am 41yo male, single and I am looking at Sengkang 4 room resale flat. If I am getting a bank loan and the flat is about $400k to $450k, how much cash do I need to prepare for the purchase (inclusive of downpayment, stamp duties, commisions, etc. but exclusive of renovation)?
For your scenario, breakdown as follows:
Max Bank Loan 80%
Stamp duties & legal fees 3%
Commission payable 1%+GST
HDB misc admin fees 500
Thanks and may I understand your requirements further and assist with your housing plans further?
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The initial cash outlay:
Assuming 80% loan,
5% Cash, 15% CPF
Misc Legal Fees
1% + GST Agent fees
As this is your first time purchase, it is apt to have yourself guided and walked step by step to ensure you do not overpay in the process of unfamiliarity and shortchange yourself on a good deal and paperwork conditions etc. As a realtor with years of experience and awards, it is my duty to assist you on leveraging on the weak market to pick out a unit as per your requirements and conduct negotiation.
Let's speak further at 96659926 to discuss more comprehensively on the crux of your requirements & expectations- to enable me to deliver a more accurate financial projection and breakdown of cash flow for your purchase after understanding your finances succinctly, so as to explore the possible options accordingly at no obligation. I will walk you through the entire purchase- from shortlisting, to negotiation, to establishing loan matters and working out finances (cash/cpf/progressive payment), paperwork, sorting legal matters, providing you with recent up to date transaction caveats for benchmark pricing as well as furnish you with a customized sales report & indicative valuations.
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Do take note that in order to be eligible to purchase a resale HDB as a single, you need be a Singaporean.
If you are able to obtain 80% bank loan, your initial outlay will be as such:
1) 5% cash downpayment
2) 15% CPF downpayment
3) estimated 3% buyer's stamp duty
4) $3k legal fee
5) $200 valuation fee
6) $80 resale submission fee
7) Agent commission (1% of purchase price)
Hope my explanation helps!
If you need any assistance or advice in your property purchase, feel free to contact me. Cheers!
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727
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