2 Answers

Elan Govan
Replied
Hi,
The best and cheapest way for you and your dad to own a HDB flat is to buy direct from HDB. Please do make an appointment and go down to the one at Toa Payoh and discuss your options freely. They will definitely assist you.

Cheers!

Elan Govan
MABA (Lancaster)
 90170747 
jayelan@gmail.com
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Ling CK
Replied
Hi,

1) For 1st-time HDB buyers, you are eligible for EHG (up to $80k for household income less than $1,500/mth) for BTO/SBF and resale HDB flat.
There are 2 more grants available for resale flats, which are the family grant for couples and the proximity grant.

2) Yes, the grant can be used for the downpayment and to offset the purchase price if there is excess. The down payment amount is determined by the purchase price. It is 15% if taking an HDB loan, and 25% if taking a bank loan.
Because the maximum loan under the HDB loan is 85%, and under the bank is 75%.

3) If you are buying a resale, you will have to prepare a cash amount to ~$6k minimum to prepare for the worst situation.
If you are buying BTO/SBF, then you have to prepare only funds in CPF. The whole payment can all be in CPF. But minimum has to prepare an option fee of $2k for 4-rm and bigger, $1k for 3-rm, and $500 for 2-rm. You may apply for reimbursement from the CPF if you have sufficient funds in OA.

4) The HDB had considered the difficulties in some of the low-income earners to provide assistance by providing EHG for BTO/SBF.

Under your situation, it is highly recommended you apply for BTO/SBF. Not only it is cheaper than resale, but cash component is also minimum for the purchase.
You could also receive assistance from the HDB on the loan application and purchase procedures from them.
https://services2.hdb.gov.sg/webapp/BF12AWFeedback/BF12SFrontController?service=ServiceFeedback&operation=createFeedback

Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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