AskGuru Q&A Community

Hi,

Would be glad to do the detailed financial breakdown if I can have more details such as your income figures and age. There is no need for a minimum CPF, you can use all cash for downpayment. Thanks and hope to have the opportunity to work with you.

Warm regards,
Ivan ERA
 97432395 
ivanng10@gmail.com
www.ivanng10.com Read More

Hi, My fiance and I are looking for a resale HDB flat near our parents' home which costs about 390k.
1) What are the initial payments that has to be made upon buying the flat?
Ans: There is no specific initial payment as all cost associated to buying a resales flat will be calculated by HDB upon the 1st HDB appointment. However, before you "shopping", you need to perform a HLE (Home Loan Eligibility)" or Bank Loan approval so you understand the CASH and CPF amount needed.

2) Is it a must to have a certain amount in CPF to purchase the flat?
Ans: You need to ensure it covers the 10 to 20% down payment before your loans. All these are subjected to your income, balance of ordinary account in both you and your fiance.

Can any down payment be paid by cash instead?
Ans: Yes you can.

3) What would be the monthly payment for such a flat and is HDB loan possible?
Ans: You can use a financial calculator with a interest rate of 2.6% over the loan period for estimate. HDB loan is possible if your income doesn't exceed the current HDB policy.

If yes, how long is the repayment period?
Ans: Loan up to 65% but subjected to max of 25 yrs.

4) Must there be a minimum combined income to purchase the flat?
Ans: Not necessary as long as you can finance the loan either from HDB, Bank or pay by cash.

Thank you for you time

Feel free to contact me at 97916894  or thomas.ang@orangetee.com should you need further assistance. Read More

Afternoon,

Initial down payment for unit is dependent on whether you are taking bank or HDB loan. It is also dependent on your TDSR
and how much you are earning per month. Based on your age, the loan period will vary. This factors will then impact your monthly installment figures. The down payment can be paid by both cash or CPF or both.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More