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I am a singapore critizen (37 years old) wanting to buy a resale flat, my pay is above $5k monthly which I understand from some friend that there might be no grant for me. But can any agent advise me on the calculation of cash i need to fork out if im buying a 3rms flat that costs me $ 380,000 fo example. How much cash do i need in order to purchase a flat and what is the breakdown and procedures. Please advise, thanks.
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1 Answer

Mike Lim
Replied
Afternoon Lin,

Let's assume the COV $30k and you are getting an 80% loan, repaying for a period of 25 years:

5% cash of valuation: $17500
15% CPF: $52500 (Top-up if insuficient)
COV: $30000
Stamp and legal fee: $7800 (Can be paid by CPF)
Excluding salesperson commission and assuming you have enough CPF for everything, you will need around $48000.

You will need to have your principle of approval done, hunt for unit and nego for the price, offer and exercise the Option prior to submission. Go through the HDB appointments and wait for key collection.

For further discussion, do feel free to give me a call.

Regards
Mike Lim
 96929209 
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