AskGuru Q&A Community

Happy new year to you, Mrs Soo.

Do you intend to purchase a resale HDB in 2016 or 2017? Because you stated next year even though you are fulfilling your 3 years SPR status in 4 months' time.

If you are looking at April 2016, a good time will be 1 to 2 months before it. But since Chinese New Year is coming soon, start after it will be advisable.

Cash outlay you need to be prepare:

1) 5% cash downpayment (inclusive of $5000 deposit)
2) $200 valuation fee
3) $80 resale application fee
4) $2k private legal fees
5) $500 stamp duty for mortgage

Hope my explanation helps!

If you need further assistance or advice in your property purchase, feel free to contact me. Cheers!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com
(W): www.propertyavenue.com.sg Read More

Hi Mrs. Soo,

Do you mean to purchase in 2016 or 2017? If 2016, probably 2 months before April 2016 can start viewing units. Typical breakdown as follows:
Cash 5%
Cpf 15%
Max bank loan 80%
Stamp duties & legal fees approx 8%.
Hdb admin fees around 300
Agency fees 1%+GST

Thanks and hope to assist with your purchase further.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude
Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
CEA Registration Number: R052114D
ERA Realty Network: L3002382K
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/#!reviews/c11r1
(Client's Testimonials) Read More

Hi Mrs Soo
I would be pleased t assist you through the entire transaction to get your first home. Please kindly reach me via 91442664  for a detail discussion on the financial breakdown.
Look forward to hear from you.
Tricia Tan 91442664  Read More

Afternoon Mrs. Soo,

You can start to proceed with the pre-admin around April. Getting to understand your financial standing, budget and preferrence who allow me to match something more to your taste. However, both of you can only ink the OTP when you have fulfilled 3 years as SPR.

Do contact me further for additional assistance.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Hi Mrs Soo,

Based on your information, the CPF seem to be a good sum. What would be necessary will be to look at your bank loan and cash.

Would you like to either call 9620 0827  for a chat or email at gavin.ng@orangetee.com.

I have served and am serving SPR/SPR in their buy. It would seem quite straightforward.

Regards

Gavin Read More

Hi Mrs. Soo,
You can start engaging an agent after the CNY. Discuss with your appointed agent on your requirement. With 2 months of searching and viewing on your dream house, so by April you will be able to proceed with the OTP.
Assuming you can get 80% bank loan, you will need Cash downpayment 5% + 8% (stamp duty) for your purchase. Your CPF is enough to pay for the other 15%.
To be safe your cash portion will be estimated $60K. Would be good if you have higher cash amount as you will need it for renovation as well.
Let me know if I can help or assist you in your house searching. Feel free to contact me or write to me if you have any other questions. No obligation.

Kind Regards
J.A.Goh
ERA Branch Division Director
HP: 96390350 
Email: gohja@singnet.com.sg Read More

Hi there Mrs Soo!

You can start your house hunting! It's always good to start exploring what's available given your budget.

You have a good sum of CPF as well, so that can cover the 15%. The cash you need will be approximately $70k, you need to pay 5% for the house, stamp duties, miscellaneous charges.

Hope this helps!

John Tan YS
ERA Realty Network Pte Ltd
R012788H
facebook.com/johntys
powersginvest.com
 +65 9633 8431  Read More

Good evening Mrs Soo,

Apologies for the late reply as Propertyguru doesnt prompt me when there's any reply to my post. Probably you may want to contact me via email or mobile in the future.

Yes you can use CPF OA funds for the payment of the ABSD but CPF board might not have sufficient time to disburse to IRAS thus law firms will usually advise buyers to pay by cash first and it will be reimbursed back in cash to you if you have excess CPF OA funds for the 15% CPF downpayment.

Hope my explanation helps!

If you wish to have a clearer idea on the ABSD payment and timeline, I can get a law conveyancing manager to advise you on that so you can rest your mind on this matter.

Hope to hear from you soon!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com
(W): www.propertyavenue.com.sg Read More