2 Answers

Soh Huan Yao (Stanley)
hi neo,
If you have no existing housing loan, the max bank loan is 80% of the sale price or valuation of the property, which ever is lower. This 80% is of course subject to bank approval. The balance 20% will be 5% in cash,15% in Cash or CPF.
Based on $400,000 sale price,and say your bank loan approval is the max 80%
20% will be $80,000.
5% of $80,000 will be $4000 in cash
15% in cash/cpf will be $76000
COV will be in cash only.
There is also Agent's commission and stamp duty fees.

If you have other questions pls feel free to email me.
Regards
Stanley Soh
Orangetee.com
CEA Reg:R012218E
HP:93270274
Email:huanyao27@yahoo.com.sg Read More

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  • NL
    Hi Stanley,

    Thank you for your reply. I have a couple more follow up questions. Let's say that I don't have enough CPF money and I don't have cash to top up my CPF money, is it possible that I can get an additional loan from a bank so I can top up my CPF money? To put things into perspective, let's say I borrow an additional cash from the bank amounting to SGD 30,000 to top up my CPF money so I can use it for the 15% of the DP. In addition to this, the 80% of the SGD 400,000 (which is $ 320,000) will be on bank loan to. Bottom line, I will have a total of SGD 350,000 combined bank loan. Would you be able to tell me, at that amount, how much will be my monthly amortization?

    I look forward to your reply Stanley, it will greatly help me decide if I can go and buy an HDB unit.

    Regards,
    Neo
  • NL
    Hi Stanley,

    Thank you for your reply. I have a couple more follow up questions. Let's say that I don't have enough CPF
Johnny Goh Mui Huat
Hi Neo,

Let assume you bought a HDB flat valued at $400k.

Therefore, based on 80% loan from bank, you will to fork out,
1) 5% of downpayment in cash = $20,000
2) 15% of downpayment in CPF/cash =$60,000
3) Stamp duty in CPF/cash =$6,600
4) Agent fees in cash =$4,000

I did not take into consideration of the COV, COV must be in cash only.

Thus, minimum cash you need will be around $96,000 in cash excluding COV, minus away what ever CPF you have in your OA now.

Hope I had answered your question.

Feel free to contact me if you required any assistance.

Thanks and Regards
Johnny Goh
Group Director
Dennis Wee Realty Pte Ltd
CEA registration number R018297H
Mobile: 90906267
Email: johnnygohmh@dwg.com.sg
Website: johnnygohproperty.com Read More

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