I'm currently waiting for my name to be transferred out from my matrimonial flat, how can i purchase a flat for myself? resale or BTO? how much cash do i need to put for resale? i'm 35 yrs of age, i cant event rent from hdb cause salary is more then $1.5k.. please advice, i'm totally lost
1) If you are an SC and above 35 years old, you are eligible to purchase either a resale flat of any type and BTO of 2-rm in an outer urban area.
2) If you had purchased your 1st flat using an HDB loan. You will still be entitled to 2nd concessionary loan from HDB. However, there is a "right-sizing" policy in HDB loan.
50% of any cash proceed from the transfer of your name out from the matrimonial home will be put back into your next purchase. The advantage of this is you can get up to a 90% loan for the next purchase.
3) If you are taking a bank loan, you will have to prepare 5% cash, 20% cash, and/or CPF for the next purchase. As bank can only loan you 75% of the next purchase value.
4) Here unable to calculate any figure since having no idea what type, location, and expectation. But in general, there are legal fees, buyer stamp duty, and some miscellaneous costs involved in any property purchase.
Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636 , or email: firstname.lastname@example.org if more information is needed.
I'll be glad to assist.
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For resale in terms of cash, the amount you need to fork out depends on the deposit you placed with the seller. Under HDB rules, the seller can request a deposit of between $2 to $ 5,000. I have ever negotiate for my buyer for a very low deposit of $200. I have also assist some of my buyers to secure a resale flat with total cash outlay including agent fees for less than $5k. If you are above 35, you may purchase under single scheme. Do note that when purchasing resale, you need to avoid purchasing a flat at a price too high beyond it's valuation to avoid unknowingly incurring a high amount of COV. In today's market where demand for HDB resale is high, it is normal for buyers to incur high amount of COV. I have seen sellers expecting COV of as high as $60k in cash and there are even some seller's agent telling buyers that COV needs to be incurred for all HDB units on the market nowadays. However from my recent experience serving buyers, it is possible to secure a flat without incurring COV. I am experienced in HDB transactions and have even assist some clients of mine who could not afford to pay the maximum $5k deposit what's more COV. As for resale or BTO, there are pros and cons for both options and I will explain in details further if we get a chance to meet up. In addition, you have to expect incurring resale levy if you choose to purchase a BTO since your 1st house is most probably a subsidised one. Do contact me at 93375051 for a free and non obligatory discussion on this and I am more than glad to assist.
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