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
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