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Hi,

I am currently looking for a 4 rm HDB flat in the east. However I am not sure what kind of cash must I have. Example if the flat price is $400,000 and valuation is $380,000, how much cash must I have in order to afford the purchase. Do advise. Thanks
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1 Answer

Johnny Goh Mui Huat
Replied
Hi Aun Khin Seow,

It depend whether you are taking HDB or bank loan.

If you are taking bank loan, you will need
1) 5% of downpayment in cash = $19,000
2) 15% of downpayment in CPF/cash =$57,000
3) Stamp duty in CPF/cash =$6,600
4) Agent fees in cash =$4,000
5) COV =$20,000

Therefore, you will need able $43,000 in cash, provided you can cover the CPF portion.

If you are HDB loan, you will need
1) COV =$20,000
2) 10% of downpayment in CPF =$38,000
3) Agent fees in cash =$4,000

Therefore, you will probably need only $24,000 in cash, provided you can cover the CPF portion.

Hope I had answered your question.

Feel free to contact me if you required any assistance.

Thanks and Regards
Johnny Goh
Group Director
Dennis Wee Realty Pte Ltd
CEA registration number R018297H
Mobile: 90906267 
Email: johnnygohmh@dwg.com.sg
Website: johnnygohproperty.com Read More
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