AskGuru Q&A Community

Good morning buyers,

first and foremost, just a reminder. SPR household must be SPRs for at least 3 years to be eligible to purchase a resale HDB.

You should be able to obtain a substantial bank loan based on your combined income but according to your finances on hand ($60k CPF OA funds and $40k cash), both of you should only be able to afford a property up to $360k.

Do let me explain further.

Your initial outlay will be as such if you are able to obtain max 80% bank loan:

1) 5% cash downpayment
2) 15% CPA OA or cash downpayment
3) estimated 3% buyer's stamp duty
4) 5% ABSD as SPR
5) $2k legal fees
6) 1% of purchase price plus 7% GST as agent commission
7) $200 valuation fee, $80 resale application etc

Unless you have more finances on hand, if not your affordability will be restricted.

Hope my sharing is beneficial to your property purchase.

I had assisted a couple SPR buyers in getting their resale HDB below valuation last year. Wish both of you can enjoy this result with me as well.

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W):www.yttan.com Read More

Hi,

Both of you must hold SPR status for at least 3 years before you can purchase resale hdb.

Typical breakdown as follows:
Cash 5%
Cpf 15%
Max bank loan 80%
Stamp duties and legal fees approx 8%
Commission 1%+ GST
Hdb admin fees 500

How much you can loan also depends on your exact age, income and credit profile and any other outstanding loan you have the moment. Thanks and may I have your requirements further so to value-add further to your plans?

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/#!reviews/c11r1
(Client's Testimonials) Read More

Hi buyer,

Right now you can only get a HDB flat up to about $400k (depending on your loan eligibility as well); this is due to the lack of upfront payment potential.

However, rest assured you are perfectly fine, given your earning power.

Feel free to contact me at your convenience, and we can carry on the planning from there.

Thanks and regards,
Teck Chuan, Ng
BBA (Finance), NUS
ERA Realty Network Pte Ltd
Mobile: 9137 4602  Read More

Afternoon,

Based on the amount of CPF and cash that you have, you can look at unit around $380k to $400k. Expenses incurred will be 5% ABSD, 5% cash down payment, 15% CPF down payment, legal fee of around $3500, standard stamp duty of $12k.

Do contact m further for discussion.

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

Sincerest apologies for the late reply as Propertyguru doesnt prompt me when there's any reply to my post.

If you have around $80k CPF OA funds and $40k cash, you should be able to afford a property worth up to $430k.

But nevertheless, it will be best to speak to a banker first so he/ she can advise you on your in principle approval (bank loan) before you start house hunting.

May I know how can my banker get in touch with you?

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W):www.yttan.com Read More

Good evening buyer,

you might be able to afford a $465k property with $80k CPF OA funds and $50k cash.

Hope my explanation helps!

How can I assist further in your property purchase?

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W):www.yttan.com Read More