AskGuru Q&A Community

Afternoon Nancy,

As to whether how much cash is enough, it would depends on the following:
1) how much CPF you have in hand?
2) how much loan are you eligible for?
3) how long will your loan tenure be?
4) are you looking at 4 room or 5 room flat?

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Hi Nancy

We would need to know how much you have in both your CPF ordinary account and how much loan you can get before we could advise whether 100k is sufficient to get a flat in the area you are interested in.

May i know whether you are looking at 4 or 5 room flat?

Basically, you need to pay the followings in cash:

1) COV (cash over valuation)
2) 5% of the valuation price (provided you are eligible for 80% bank loan and have sufficient funds in your CPF accounts for the 15% of the valuation price)
3) valuation report which is $191.90
4) HDB resale application fee $80
5) agent's commission

You can use CPF for your stamp fee and also legal fee.

I would be glad to meet up with you to discuss further. Thanks and hope to hear from you again soon!

Jessie
 9007 6388 
jessie6388@gmail.com Read More

Hi Nancy,

Points to take note.

1) As PR buying HDB flat, you are not allow to own any properties in Singapore and in any country.
2) You need factor payment of Additional Buyer Stamp Duty (5%) and Buyer Stamp Duty (3%). Can use CPF to pay.
3) Cash over valuation (COV)if any.
4) For mortgage loan, you are eligible for 80% of the valuation subject to TDSR and MSR rules.
5) The other 20% consist of minimum 5% cash and the rest of 15% either CPF or cash or both.
6) Legal fees, cash or CPF plus other misc costs (cash below $400)
7) Agent fees

Assuming your 100K is cash and without using CPF and qualified for a 80% bank loan, it is a stretch to purchase a 3rm HDB (2bedrooms).

HDB has strict policies and many procedures to follow and adhere to. To prevent the forfeiture of option money and cancellation of the HDB transaction midway, it is best to engage a realtor in order to ensure a smooth successful and happy transaction.

Warmest regards
Josef
 94505033 
josefteo.kf@gmail.com Read More

Hi Nancy,

Points to take note.

1) As PR buying HDB flat, you are not allow to own any properties in Singapore and in any country.
2) You need factor payment of Additional Buyer Stamp Duty (5%) and Buyer Stamp Duty (3%). Can use CPF to pay.
3) Cash over valuation (COV)if any.
4) For mortgage loan, you are eligible for 80% of the valuation subject to TDSR and MSR rules.
5) The other 20% consist of minimum 5% cash and the rest of 15% either CPF or cash or both.
6) Legal fees, cash or CPF plus other misc costs (cash below $400)
7) Agent fees

Assuming your 100K is cash and without using CPF and qualified for a 80% bank loan, it is a stretch to purchase a 3rm HDB (2bedrooms).

HDB has strict policies and many procedures to follow and adhere to. To prevent the forfeiture of option money and cancellation of the HDB transaction midway, it is best to engage a realtor in order to ensure a smooth successful and happy transaction.

Warmest regards
Josef
 94505033 
josefteo.kf@gmail.com Read More