AskGuru Q&A Community

Get answers from PropertyGuru experts in 24 hours

Asked by
I am a Singapore, under 35 years old and I earn more than $8K a month.
I want to buy a resale HDB, for the purpose of this analogy, if the property I want to buy is priced at $440K and the valuation is at $400K. Here are my questions:
1) Do I have to apply to purchase this HBD flat with my parents? (They do not own a HDB at the moment)
2) Can still apply for HDB loan, even if I am not getting grants? If not, what types of loans can I apply for?
3) Based on the porperty transaction price given at $440K, how much cash do I need to come up with initially for the deposit and can you please give me the breakdown? Assuming that I have $55K in my CPF to draw out. What is the balance I need to pay in cash?
4) What other fees do I need to pay besides stamp duty? How much would the stamp duty + legals cost?
Many thanks.
0 •
3279 views
Upvote Upvoted
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

2 Answers

Jenna Tong
Replied
Hi Kelppie,

1) You will have to purchase this unit with your parents.

2) As your income exceeds the limit, you can only apply for bank loan. Currently, the loan limit is capped at 80% of valuation price. It will be advisable for you to get an Approval-in-Principle (AIP) from any banks to have a clearer indication of the loan quantum that you are eligible for.

3) Initial deposit is $5K max (can be calculated as part of COV to the owner. As the transaction price is over the valuation price, you will have to prepare $40K, payable ard 10-14 days prior to completion (2nd appointment)

Based on bank loan, you will need to fork out the initial 5% downpayment in cash based on valuation price, which is $20K.

On top of that, you need to get ready the balance 15% 10-14 days prior to completion, which is $60K (CPF/ Cash)

4) Other fees payable will be $180.50 (valuation), $80 (HDB submission fees). Stamp duty will be $7800 (cash/ CPF). Legal fee is est at $2000 - $3000. Most banks will provide a legal subsidy based on a percentage of your approved loan amount.

In conclusion, the cash layout based on the max CPF of $55K u can withdraw, you will need to set aside an est of $76K.

Hope this info helps. Do call/email me should you need clarifications.

Regards,
Jenna Tong ERA
jenna.tong@yahoo.com.sg
 8298 3379  Read More
0
Upvote Upvoted
John Lai
Replied
Looking to sell, buy or rent? Looking to re-evaluate your asset portfolio? Look no further.

As your dedicated real estate agent, I bring more than just industry expertise to the table; I bring a commitment to excellence and a passion for delivering results that exceed expectations. With a deep understanding of the market dynamics, I tailor my approach to suit your unique needs, ensuring a seamless and stress-free experience from start to finish.

Let’s start your journey to your dream home today! Right Believing, Right Living!

Call or text for a non-obligatory consultation discussion to know more.

Best Regards,
John Lai
“Right Believing, Right Living”
PropNex Associate Director
(M): 8444-0899 
Email: johnlaiproperty@gmail.com

Self introductory video - https://youtu.be/yygkGSG4Mtw

Social Media -
FB: facebook.com/johnlaiproperty
IG: @johnlaiproperty
Tiktok: @johnlaiproperty
YouTube: @johnlaiproperty Read More
1
Upvote Upvoted

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Ask Your Question
Previously Asked Questions