Hi,
1) Yes, all grants provided can be use as part of your purchase budget.
2) To be eligible for all $160k, you have to meet the following condition:
Family grant ($50k):
(i) Both of you are Singapore Citizen.
(ii) Buying 2~4-rm resale flat only.
(iii) Both of you are 1st time applicant, never have any interest before in any HDB. Never receive any grant before.
(iv) Gross income not exceed $14k.
(v) Remaining lease of the purchase must be more than 20 years.
Enhanced CPF Housing grant (EHG) ($80k):
(i) Combined income less than $1.5k, your grant amount will be reduce if family income is more than $1.5k. Max up to $9k (grant reduce to $5k).
(ii) Proof of working for the past 12 months
Proximity Grant ($30k):
(i) You have to live with your parents.
(ii) To stay near (within 4km) only eligible for $20k.
Honestly speaking, if your family income include your parent is $1.5k, your loan amount will be around $89k. Provided no outstanding credit issue, other loan etc.
Plus $160k grant, your purchase budget is about $249k. Your purchase in current market is 4-rm flat if you are ok with Jurong West. Majority of your choice will be either 2-rm or 3-rm flat, with very run down condition.
3) There are other cost involved during purchase that might not be listed under HDB website. I'll list the estimate cost down for your finance planning based on $249k:
(i) Stamp duty: $3,180
(ii) legal fee: $600~$800: HDB legal service, $1.2k private lawyer
(iii) Resale application: $80
(iv) Valuation: $120
(v) miscellance: $200
(i) & (ii) can be use CPF if there are sufficient fund. (iii)~(v) must be in cash.
4) Grant must be used for downpayment.
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
https://www.facebook.com/Homesellerbuyer/
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