Hi,
1) Eligibility: Yes, 3 of you form a family nucleus with an SC. Therefore you are eligible to apply via the public scheme.
You don't have to wait out for 3 years in this configuration. 3 of you must apply as the buyer.
2) Grants:
(a) Family grant: You may apply family grant of $40k for 2~4-rm, and $30k for 5-rm and bigger flats. Do note the condition is your mother-in-law did not purchase BTO before or apply for any grants in the past.
(b) Enhanced CPF housing grant: You may also apply for this if combined household income is less than $9k/mth. You may check the grant amount in this weblink:
https://www.hdb.gov.sg/cs/infoweb/residential/buying-a-flat/resale/financing/cpf-housing-grants/firsttimer-applicants
(c) Proximity grant: Since 3 of you are staying together, you will be eligible to receive $30k under this grant.
3) Cost: (HDB loan):
Grants = (a) + (c) = $70k, assume you are purchasing 4-rm flat or smaller.
You will be eligible to apply for an HDB loan if your mother-in-law did not exceed her limit. Every SC has 2 chances of using this subsidized loan.
Assuming you are using an HDB loan, you only need to pay for the following:
a) Option fee: up to $5k (this amount will form part of your downpayment)
b) Downpayment: 10% (you may use the grant for this. Your grant is more than sufficient to cover, the rest will use to reduce your loan)
b) Buyer stamp duty: $9,600
d) Resale application + valuation: $200
e) Fire insurance: $5.94 (Insured $82k, this is the minimum which only covers the bare unit and your neighbor damages, you may purchase addition from other insurance company to cover your furniture and fittings)
f) Legal fee for loan fo $430k: $1,078.00
g) Agent fee: 1%+ GST = $5,350
4) Cost (Bank loan):
a) Major difference is the bank can only loan 75% of LTV, thus you have to cover a 25% downpayment.
5% must be in cash, 20% can be cash and/or CPF.
b) Private legal fee shall be around $2,500
These are the 2 items that are different from the HDB loan.
Last is to highlight there is a limit on your CPF usage if the flat remaining lease is lower, take note of this formula; youngest age + remaining lease < 95.
All the best to your home hunt!!! :-))
Hope the above answer to 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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