Hi,
It is best to understand the financial commitment, thus breakdown in detail for your understanding.
(1) Assume both of you are SC and 1st Timer, the grant you may be considered for:
(a) Special CPF Housing Grant = $40,000
(b) Additional CPF Housing Grant= $15,000
(c) CPF Housing Grant = $40,000
(d) Proximity Housing Grant = $20,000
Total = $115,000
With your current CPF OA = $ 60,000
The current price range in Woodland 5-rm is $370~$530k, you can well afford the 10% down payment for any 5-rm flats in Woodlands.
(2) Assume you bought a $550k flat, your cash & CPF will be as such:
The cash required for your purchase is as such:
(a) OTP deposit & exercise = $5,000
(b) Resale application = $ 80
(c) Registration & Microfilming = $ 215
(d) Caveat = $ 139.30
(e) Misc = $ 16.05
(f) Insurance = $ 6.60
(g) Salesperson commission (w/GST)= $5,885
CPF:
(a) Downpayment = $162,000
(b) BSD = $ 11,100
(c) Legal fees = $ 1,150
(d) HPS = $ 585
(3) monthly mortgage shall be: $1,760 if repayment tenure is 25 years, with current interest rate of 2.6%.
(4) For purchasing of resale flat with grant, your household income must NOT be more than $12,000/mth. Not the other way round, no minimum requirement.
Note:
You will also need to apply for HLE letter from HDB in order to get HDB to assess their financial status before knowing whether they can get HDB loan and how much grant and amount.
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
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