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Hi there, we are a second timer couple with combined cpf of $335K. We wish to use our cpf monies 100% to purchase a resale hdb flat for $370K. What are the additional cash amounts we have to fork out if we opt for a bank loan aside from the 5%cash downpayment to the bank? Also if we opt for a 2nd HDB concessionary loan, does this mean we have to pay the balance $35K entirely with our previous cash proceeds? Thank you.
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3 Answers

Hi,

Other cash components include COV (if any), agent commission of 1%+GST and hdb conveyancing and admin fees. If you opt for 2nd hdb loan, 1/2 of your cash proceeds from your previous hdb sale will be used for this purchase.

May I understand your plans further so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

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Hi Sir/Mdm,

If you opt for a bank loan, then besides the 5% cash, these are the amount that you will need to pay:

1. HDB Admin Fee: $80
2. Cash Above Valuation (COV) if any
3. Cost of Valuation Report: $200
4. Agent Commission: 1% of purchase price + GST

If you opt for a HDB loan, then 50% of your previous sales proceed in cash will need to be directed into this purchase. The minimum loan amount is usually $100,000.

Please feel free to contact me if you have further questions!

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nick-tan.com

Testimonial from Satisfied Clients (2015/2016)
“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefitted a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
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Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations.
We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
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YT Tan (陈永达)
Good afternoon buyers,

Do take note that if you decide to take up HDB loan for this purchase, you need to utilise 50% of the sales proceeds from the sale of the subsidised flat and all your CPF OA funds.

If you are going for bank loan, the minimum loan amount is $100k if I am not wrong.

Other cash outlay will be:

1) $80 resale application
2) $200 valuation fee
3) 1% agent commission (with 7% GST)
4) pro rated property tax etc

Hope my explanation helps!

How can I value add further in your property purchase?

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Click this now: http://goo.gl/Gg5pe3!

Join me on board towards a hassle free update on valuation now!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Senior Associate Marketing Director
R043025D
Propnex Realty Pte Ltd
Estate Agent no. L3008022J
Blk 480 Lorong 6 Toa Payoh, #10-01/11-01 HDB Hub East Wing, Singapore 310480

(M): +65 9111 5171 
(E): yt.tan91115171@gmail.com
(W):www.yttan.com

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