Hi Mdm Nurlydiana Nordin,
You need to check whether you are eligible :
1)to buy a resale flat,
2)for HDB loan,
3)for CPF Housing Grant.
If you are eligible for HDB Loan, you should apply for the HLE first, so that you know the max loan you could get before you commit to buying one, & also the date of the HLE must be on or before you exercise the OTP.
For calculation purposes, assume the valuation is $380k & COV (Cash-over Valuation) is $20k :
1) $5000 deposit in cash to seller(($1000 when seller grant you an Option to Purchase (OTP) & $4000 when you exercise the OTP)).
2) If you are taking 90% loan from HDB, the 10% downpayment can be paid by CPF original account.
3) The COV of $20k has to be paid in cash.
4) As this is your first & only property, so you need not pay ABSD (Additional Buyer's Stamp Duty). The normal Stamp Duty you need to pay is amounting to $6600 & legal fee (less than $1k for engaging HDB lawyer) can be paid by CPF original account.
5) If you engaged a salesperson/agent for the purchase of the resale flat, you need to pay 1%+GST ($4000+$280) in cash.
PLease feel free to contact me for further clarification.
Thank you.
SK Wong (CEA No. : R010639B)
Associate Marketing Director
PropNex Realty Pte Ltd
HP :
81029490
Email : skwong@propnex.com
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