Hi Mrs Dessy,
Good question.
Buying home is the next biggest decision in your life other than marriage.
The biggest mistake is not to consider financial commitment which actually is the biggest consideration.
And to start preparation will definitely helps.
In buying property in Singapore, you have to look beyond cash preparation and also considering the amount of CPF incurred as well.
I always prepare a cost breakdown for all my client to allow them to consider how they wanted to finance their home.
This is to ensure that you do not over-stretch yourself in a long term commitment.
Hereby breakdown of the amount required for HDB at $400k.
Cash required for resale purchase:
(1) OTP deposit & exercise = $5k
(2) Resale application = $80
(3) Registration & microfilming = $215.90 (3-rm & above)
(4) Valuation = $200 for now, $120 (on & after 1 Jan 18)
(5) Miscellaneous = $16.05
(6) Caveat = $139.30
(7) Legal fee = $2k dependent on loan amt
(8) Mortgage stamp duty = $500
(9) Fire insurance = $6.60 (5-rm), $5.50 (4-rm)
(10) Salesperson commission (1%+GST) = $4,285 ($400k)
CPF:
(1) 10% downpayment = $40k ($400k)
(2) Basic stamp duty = $6,600 ($400k)
(3) ABSD (both are SPR,5%) = $20,000 ($400k)
(4) HPS = $600 dependent on loan amt.
I have to understand the CPF amount saved in both your account before able to provide monthly mortgage.
Hope the above answer to your main concerns, but if there are more queries, please feel free to contact me at
90110636
, or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636
ling.ck7@gmail.com
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