AskGuru Q&A Community

1. Can you afford a resale flat?
To determine if you can afford a resale flat, you would need to consider the total cost of the flat and the available financing options, including housing grants and loans.

Assuming you are eligible for the maximum amount of grants and a HDB concessionary loan, and you purchase a 2-room resale flat in a non-mature estate with a remaining lease of 60 years, the estimated total cost of the flat would be around $140,000. This is based on the HDB resale flat prices and grants available as of 2021.

With your current salary of $3,650 and assuming you have no outstanding debts, you may be eligible for a housing loan from HDB, subject to the loan eligibility criteria. The maximum loan amount you can borrow will depend on various factors, including your age, income, loan repayment period, and outstanding debts.

Based on the estimated total cost of the flat and your current salary, you may be able to afford a 2-room resale flat. However, you should also consider other financial commitments and expenses, such as your monthly bills, savings, and other expenses, before making a final decision.

Do you need to update your HLE on your salary changes, and does your HLE expire this May?
Yes, you should update your HLE if there are any changes in your income, employment status, or other financial circumstances that may affect your loan eligibility. This will ensure that you receive an accurate HLE letter that reflects your current financial situation and loan eligibility.

Your HLE letter will expire after six months from the date of issuance. If you plan to cancel your BTO application and apply for a resale flat, you may need to reapply for a new HLE letter if your existing HLE letter has expired. You should also check with HDB on any additional requirements or documents needed for your resale flat application.

If you're able to provide more information such as CPF and cash savings, you would have a clearer idea of type of flats is available to you.

A rough estimate indicates that you would be able to purchase a 2 or 3 room HDB flat. This depends heavily on the age of flat, area and nearby amenities.

I am available for a chat this Sunday afternoon or evening. Do get in touch so that you have all available information and knowledge to make a decision.

Wimal WA
PropNex Pte Ltd.
CEA: R067600G
Mobile: +6593826862  Read More

Your estimated loan size is under $170,000, thus you will need to work out on how much cash and CPF funds you have for the purchase on top of the eligibility for housing grant in order to work out your options.

I have been in the real estate business since 2009, with more than 13 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

Warmest regards,
Geryl Lim
Associate Group Director
Salesperson Registration No. R014783H
Email: geryl.lim@orangetee.com / geryl7772@gmail.com
OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
Estate Agent Licence No. L3009250K
[main] +65 6471 8888  [mob] +65 81577565  [LDA] +65 92787772 
www.geryllim.com

My self introductory video on https://www.youtube.com/watch?v=S_2NydENfx0

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