Hi,
1) HDB will try to accommodate all Singapore citizens in purchasing an HDB flat.
2) You have to check 2 items before your application:
(a) Eligibility: Check from this link to see which scheme you are eligible for:
https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/new/eligibility/hdb-flat
As from your descriptions, you should be able to apply under the public scheme as a family nucleus.
(b) Financial capacity:
Using an HDB loan is the easier way to starts with although the interest rate (2.6%) is much higher compare to the bank rate (1.3x%).
Because using an HDB loan only need a 10% downpayment. The only cash upfront is as follow:
(i) Application submission: $10
(ii) Option fee (part of downpayment): $2,000 for 4/5-rooms. You may claim this cash back when you are told to pay a downpayment, provided there is a sufficient amount in your CPF OA.
The rest such as:
(i) Buyer stamp duty: ~3%
(ii) Legal fee: this amount is dependent on how much you loan. You may do estimation using the link below:
https://services2.hdb.gov.sg/webapp/BB14LFEESENQ/BB14PHomePage.jsp
(iii) Downpayment: 10% of the purchase
3) Unless your CPF OA is insufficient, the amount of cash needed for BTO is minimum.
4) Do note that only the owner's CPF can be utilized for monthly mortgage and downpayment.
For example, if your mom, sis, and niece have CPF that can use for the monthly mortgage and/or downpayment. They will be listed as owners, otherwise, they will remain as occupiers.
5) So the first thing you should do is to apply for an HLE to assess how much is your budget.
https://services2.hdb.gov.sg/webapp/BP27AWHLEApplication/BP27PTerms.jsp
6) Regarding the $30,000, I believed you are referring to the resale levy. There is only 1 condition that resale levy incurred; when you enjoy subsidize from the government.
a) Did you apply for grants in your 3-rm resale flat? If yes, you are required to prepare $30,000 cash (resale levy for 3-rm flat)to pay HDB.
b) Is this a BTO flat you currently own? If yes, you are required to prepare $30,000 cash (resale levy for 3-rm flat) to pay HDB.
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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