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Dear sir/mdm,

In such cases where there is insufficient cash to make up the 5% for downpayment, we will usually advise buyers to see if they are eligible for HDB loan instead if the objective is to getting your first ever home. I do understand that interest rates for home loan is significantly lower for banks than HDB, however, should your motivation is higher in owning a home, perhaps that can be an avenue for considerations.

I have been in the real estate business since 2009, with more than 10years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

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Geryl Lim
Associate Deputy Group Director
Salesperson Registration No. R014783H
Email: geryl.lim@orangetee.com / geryl7772@gmail.com
OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
Estate Agent Licence No. L3009250K
[main] +65 6471 8888  [mob] +65 81577565  [LDA] +65 92787772 
www.geryllim.com
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Good afternoon buyer,

Congrats to you in turning 35 years old to be eligible under single singapore citizen scheme.

As you know, 5% cash downpayment for property purchase is essential and part of taking up a bank loan. Have you try to speak to your family members or friends to assist in this portion?

If not will you be eligible for HDB loan?

Maybe we can work out the numbers first to see which is more feasible for you?

when will be a good time to chat on phone or zoom?

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YT TAN 陈永达 | ACCA Graduate, RES
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Propnex Realty Pte Ltd

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Hi Sir
Unfortunately you have to strictly came out with 5% downpayment in cash before being eligible to take up a bank loan for purchase of property. However since you are a first timer , has you considered taking a HDB loan instead where you can fully utilised on your CPF. I am assuming you are comparing the current interest rates where bank loan interest are significantly lower as compared to HDB loan. However there are other consequence in taking up a bank loan besides the initial cash outlay. Bank have a tendency of being less lenient in terms of default and you are more likely reach your withdrawal limit (amount that you can finance your monthly mortgage using CPF) faster when using bank loan rather than using HDB loan. When this happens, you have to finance your loan using cash. There are also factors such as the hassle of refinancing your loan at different banks throughout your loan tenure to take advantage of the loan interest rates as most banks only offer a fixed interest rate of a few years at the start of the loan tenure and thereafter charge you a floating interest rate where the rate is dependent on loan market conditions. Do contact me at 93375051  for a free and non obligatory discussions on this.
Regards
Taufik Hussein
ERA Realty Network Pte Ltd Read More

Dear Sir/Mdm,

This 5% cash is compulsory and cannot be covered using CPF if we are taking a bank loan. There is also no way to make this 5% payment by instalments. Personally I will also not recommend for you to take up any other loans to pay for this 5%. As I always tell my buyers, the best house to stay in, is the house that gives you no stress.

But do not feel sad thinking that your dream of owning your first house will be dashed. There might be other solutions!. Since you mentioned you are buying your property after turning 35, then my guess is that you are a Singaporean buying under the Singles Scheme. As such you might qualify for the HDB loan. For HDB loans, they can loan you up to a maximum of 90% of the purchased price, depending on your income definitely and also how much CPF you have. With this, we can keep our cash outlay to a minimum. The max cash that you may need to pay will be the initial deposit that cannot exceed $5,000. Of course there will be other miscellaneous fees such as valuation fees, submission fees and stuff. You can also pay your legal fees using your CPF. So this might be the solution for you.

One thing I may suggest is that we can have a discussion about this. We can do a video call and I can take this opportunity to help you to do a financial calculation. You will then have a clearer idea of your finances. Very often we are able to provide more solutions for the clients after we get to know more about their details and also requirements. I can also answer any other questions that you may have on your house purchase. No worries on the discussion as there are no obligations at all. We can really just take it as a chat. Anyway during this circuit breaker, it is really not bad to just have a chat right? Haha.

Just to share a little on myself. I have been in the industry for 10 years. Over the years, I have served many clients and many are my friends now. Many have also left testimonials for me for my service rendered, I was also featured in CEA's newsietter together with my partner for Great Client Service. I also won the SAEA Real Estate Excellence Silver Award for Best Client Service. I have left some links below so maybe I will need to trouble you to copy the links to your internet browser and take a look. Hopefully this will give you some idea of how I conduct this business. I am proud to say that we have always placed our clients' interests in the top position and I believe we will be able to offer the same level of service to you and hopefully even better.

Looking forward to hear from you soon! Cheers!

Best Regards,

Jeffrey Heng
Associate Executive Director (Sincerus Division)
OrangeTee and Tie Pte Ltd
NAVIS Living Group - The fastest growing group in OrangeTee that believes in Technology, Training & Teamwork (3Ts)

Mobile : +65 9858 1322 
Email : hengjeffrey@gmail.com
Web : www.sgpropertyadvisers.com

Founder of Sincerus Division
SAEA Real Estate Excellence Silver Award - Best Client Service (2014)
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Hi , do contact me at 97970200  to discuss more

Mark, your RIGHT choice
Propnex Read More

Greetings from Ohmyhome!

You can apply for HDB HLE for purchase of HDB resale.

LTV is 90% of purchase and you only need $5000 cash for deposit. Balance can use CPF OA funds to pay.

Should you need further information or assistance, feel free to contact us at 68869009  or WhatsApp us at 97551009  .

We will be most glad to assist.

Richmond Chia
Senior Advisor
Ohmyhome Pte Ltd Read More