AskGuru Q&A Community

Dear Hendry,

May I know which area that you are planning to get your first house, so that we can have a better estimation of the cash involved

I look forward to hear from you soon

Thanks.
Choo Jia Ming
B. Hons (EEE)
Savills Sales Director
HP: 9476 2732 
Email: jiaming.choo10@gmail.com
Salesperson registration. no: R026370F Read More

Morning Hendry,

As to how much cash you need to prepare, it would first depend on whether you are using Bank loan or HDB loan.
As first timer, HDB loan would be ideal as you also use your first timer grant, unless you have plans for something else in the future. With HDB loan, you only need to prepare cash for the COV, which varies depending on estate and unit size. If you have enough CPF to cover the 10% (after including the grant), legal and the stamp fee, then you do not need to top up the balance.
As for Bank loan, you need to prepare 5% cash of the valuation price, with 80% loan status. The COV, legal and stamp fee still applies.

Do feel free to contact me if you require further assistance.

Regards
Mike Lim
 96929209 
ERA Read More