Hi,
1) Yes, you are able to join name with your widowed mum to apply for a BTO flat.
2) You don't have to wait till 35 yrs old to be eligible for the application.
3) The only thing you need to focus on is to save enough for the purchase.
4) You have at least 2.5~3 yrs to get a successful application unless you are extremely lucky.
5) And to wait for around 4~6 yrs for the BTO to be ready.
6) The amount needed for now is the option fee in cash; 3 rm = $1,000, 4-rm = $2,000 when you do the booking.
7) After around 6 months after booking, you will have to prepare for the down payment, Buyer stamp duty & legal fee when you sign the agreement for lease.
8) Down payment is 15% using CPF OA and/or cash when using an HDB loan.
9) Buyer stamp duty is around 3% of the purchase price. The detail of the calculation is such:
1st $180,000: 1%
2nd $180,000: 2%
Next $640,000: 3%
This link might come in handy for your calculation: https://mytax.iras.gov.sg/ESVWeb/default.aspx?target=MSDCalculatorIntro
10) Legal fees range from a few hundred to a thousand. You may do your calculation as such:
1st $30,000: $0.9/$1,000
Next $30,000: $0.72/$1,000
Remaining: $0.6/$1,000
GST is applicable to the legal fees.
You may also make use of the link provided by the HDB to get an estimation: https://services2.hdb.gov.sg/webapp/BB14LFEESENQ/BB14PHomePage.jsp
11) 85% of the loan must be available at the point of key collection. The HDB will do an assessment again since the duration from the signing of the lease agreement to the key collection is a long period. They will revise the loan according to your most recent last 3 months' income.
12) So in case your current salary is only a small sum shortfall of the purchase price. You may get more advice from the HDB on whether you are allowed to apply for the BTO flat now.
You may write into HDB via the feedback channel:
https://services2.hdb.gov.sg/webapp/BF12AWFeedback/BF12SFrontController?service=ServiceFeedback&operation=createFeedback
Hope the above answer 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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