Hi,
As your income has exceeded $7k per month, you will not be eligible for first timer housing grant. And PHG of only $10k will be available if you buy within 4km of your parents property.
The hdb valuation is assessed by an individual hdb valuer, it may or may not match your agreed price with the seller. Assuming the valuation is $950k, the 75% loan will be based on this valuation and your max loan attainable is $712.5k. The breakdown as follows
Agreed price $1mil
Cash over Valuation COV 50k
Cash 5% 47.5k
CPF OA 20% 190k
Bank loan 75% 712.5k
Buyer stamp duties and legal fees approx 4% 25.6k (can use CPF OA if sufficient)
Agent success fee 1%+GST 10.8k (cash)
Hope the above clarifies. May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.
Warm Regards,
Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever
SEAA Salesperson Achievement Award 2021 (Gold)
SEAA Singapore Accredited Mortgage Planner (SAMP)
ERA Top 93th Achiever for Full-Year 2020 (Top 1.5% Company Level)
ERA Top 11th Achiever in June 2020 (Top 1% Company Level)
ERA Top 91th Achiever in 2nd Quarter 2020 (Top 2% Company Level)
ERA Top 15th Achiever in April 2019 (Top 1% Company Level)
ERA Top 86th Achiever in Sept 2019 (Top 2% Company Level)
SMU BBM (Finance), Magna Cum Laude
Proactive. Sincerity. Feedback.
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Buyer Mr Wang & Ms Ng : We want to convey our thanks to Ivan, who helped us find our first home. Ivan was very responsive when we first met, and took time to understand our needs and requirements for our first home. He helped us narrow down our criteria and gave us good advice on how to structure our mortgage as well. He also made a great recommendation of an area we never thought of, and it was where we eventually bought our home. We appreciate Ivan's thoroughness in pros and cons of all our options that we viewed. We never felt pressured or rushed to make a decision. In fact, Ivan gave honest and useful inputs on the considerations of acting immediately or waiting. All in all, it was a very smooth experience and we ate very happy with the unit we bought. Thank you very much, Ivan!
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