You may consider buying a resale HDB flat under the Single Singapore Citizen Scheme once you have reached 35-years-old.
Based on your information, you are considered a first-timer. As long your gross monthly household income is not more than $7,000, you may be eligible for the Singles Grant of up to $25,000 (2- to 4-room resale flat) or $20,000 (5 room resale flat), Unfortunately, you are not eligible for the Enhanced CPF Housing Grant (Singles).
When buying an HDB resale flat, you will be subjected to the Mortgage Service Ratio (MSR) and Valuation Limit (if taking an HDB loan). MSR refers to the portion of a borrower’s gross monthly income that goes towards repaying all property loans. Your MSR is capped at 30% of a borrower's gross monthly income. In your case, your MSR will be $2,100. Therefore, your monthly mortgage cannot exceed this amount. You can read more about it here: https://www.propertyguru.com.sg/property-guides/what-you-need-to-know-about-mortgage-servicing-ratio-msr-2731
You can use our MSR calculator here: https://www.propertyguru.com.sg/mortgage/calculators/msr
You may buy a resale flat and request for the CPF Housing Grant of $25,000. If you are buying a 4-room or smaller resale flat you will receive $25,000. If you are buying a 5-room and bigger resale flat, you may request for the CPF Housing Grant of $20,000.
You may be eligible for the Proximity Housing Grant of $15,000 if you buy a resale flat to live together with your parents.
You may be eligible for the Proximity Housing Grant of $10,000 if you buy a resale flat to live near to your parents.
Based on your MSR of $2,100 and assuming you are taking an HDB loan over 25 years at an interest rate of 2.6%, your eligible loan is $108,000. Assuming you are taking a 90% loan from HDB, the overall quantum price of the property you can afford is $120,000. This is before taking into consideration your total eligible CPF Grants.
You can use our affordability calculator here: https://www.propertyguru.com.sg/mortgage/affordability-calculator
Buying a resale flat is slightly more expensive than the overall quantum price we had calculated. As such, there is a high likelihood you may not be able to afford it.
Alternatively, you may apply for a Built-To-Order (BTO) flat under the Single Singapore Citizen Scheme.
Hope this answers your question.
1) Singapore is the 1st country to help citizens and PR to force save our salary; i.e. CPF. Thus most people here make use of CPF for their property purchases.
2) It is common to use cash for property purchases overseas, even by full cash payment.
3) You will be eligible to buy a resale HDB flat (any flat type) or apply for 2-rm BTO/SBF in a non-mature estate.
4) Due to your pay reaching the income ceiling for a single of $7k, you may not be eligible for an HDB loan anymore by next year.
5) You may use this HDB provided self-service check system to know whether you are eligible for an HDB loan next year:
6) If you manage to get an HDB loan. You only need to place a 10% down payment and a maximum 90% loan from HDB, an interest rate of 2.6%.
7) You will be able to apply for a Single citizen grant of $25k if you are eligible for HLE. And a proximity grant of $10k if the purchase is within 4km to your parents' place.
8) If you are not eligible for an HDB loan, you will have to approach a private bank for a home loan.
9) Down payment of 25%. maximum loan of 75%. The maximum loan tenure is 25 years. The current interest rate is ~1.3%.
10) You should be able to get a loan of $419k using MSR assessment. Assuming no outstanding loan or bad credit record with local financial institutes.
11) If you are not eligible for HLE, you will also not be eligible for any grant.
12) Current 3-rm flat median price is $360k+. The newer 3-rm flats are range from $400k~ to $450k.
Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636, or email: email@example.com if more information is needed.
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