AskGuru Q&A Community

Hi,

It is never too late to start planning.

You should take note of the downpayment required. If you are taking an HDB loan, you must prepare 15 per cent in cash and/or CPF.

If you are taking a bank loan, you must prepare 5 per cent in cash and 20 per cent in cash and/or CPF.

Depending on your gross monthly household income, you may be eligible for the Singles Grant of up to $25,000, EHG (Singles) of up to $40,000 and Proximity Housing Grant of up to $15,000.

When buying an HDB resale flat, you will be subjected to the Mortgage Service Ratio (MSR) and Valuation Limit (if taking an HDB loan). Your MSR must not exceed 30 per cent of your gross monthly income.

You will be subjected to the MSR, Valuation Limit and Withdrawal Limit (if taking a bank loan).

Ideally, you should pay your mortgage in cash as paying it via your CPF will mean you will have to deduct it from your sale proceeds with accrued interest should you wish to sell your HDB flat one day.

Also do note, if you are buying an HDB resale flat with fewer than 60 years of lease, you will be subjected to a pro-rated CPF usage.

Sincerely,

Mohamad Khalil

Bachelor of Arts (Communications)
E: realtor@khalilrealtor.com
Mobile: +65 8201 9254 
Website: www.khalilrealtor.com Read More

Hi,

If you're a Singapore Citizen, you have 3 more years to be eligible for a HDB resale flat under the Single Scheme. If you get have intentions to get married within 3 years time, you will be able to purchase under the Public Scheme/Fiancé-Fiancée Scheme/Non-Citizen Spouse Scheme.

If you were to remain single, and yet wish to purchase a property, you may wish to consider looking into a private property instead.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

Hi,

1) It is always good to plan in advance rather than doing it at the last minute.
2) First of all you have to take care of your finance, check and prepare your CPF OA and cash saving for the purchase.
3) If you are taking an HDB loan, you have to prepare a 15% down payment. Although theoretically, the whole 15% can be all in CPF, when come to buying a resale HDB flat you have to prepare some cash for the deposit ($5k) and miscellaneous (up to $1k).
4) You also have to decide how big a space you need and plan your budget against it.
5) There is a buyer stamp duty of ~3% for any property purchase in Singapore, but no GST.
6) If you have sufficient CPF funds under your OA, you can also use it for your buyer stamp duty and legal fees.
7) If you intend to use a private bank loan, you will have to prepare a 25% down payment, of which 5% must be in cash. The deposit paid to the seller will be inclusive of this 5%.
8) Look into the grants available and plan accordingly if needed.
https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/resale/financing/cpf-housing-grants

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

Note:
Any response to our answer does not reach us until we scroll through each and every query posted daily.
The best way to get a follow-up is to Whatsapp or email us directly. Read More