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Yes you are right, but can consider grants as well. It is base on your income and age. Looking forward to serve you at 9696 4398  or email me at stewartlim@hotmail.com

Cheers
Stewart-PropNex Read More

Good evening Sir/ Mdm,

usage of CPF funds or HDB loan if you opt to take it instead of bank loan will be pro rated if the unit cant last you or youngest buyer until age of 95 years old.

Your budget might increase if you are eligible for any housing grants.

Hope my sharing helps in aiding in your enquiry. May I know how can I value add further in your property needs?

Best regards,

YT Tan
Property Kaki
You dream. I create. We make it happen!
Association of Chartered Certified Accountants Graduate
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Dear sir/mdm,

Taking into considerations on above, you must also take note on the lease balance of the HDB that you are purchasing should be able to see you or your co-owner, whoever is younger, until age 95, and also if the lease balance of the HDB is below 60, you may also not be able to fully utilise your CPF and loan. Are you taking a bank loan now because of your income cap or you have already utilised the HDB loan twice? As what YT has pointed out, if you are eligible for housing grant, then your budget can be slightly higher, but also not forgetting on the applicable stamp duties and miscellaneous fees that will be incurred during the purchase like valuation, resale application, as well as legal fees.

I have been in the real estate business since 2009, with more than 13 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

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Geryl Lim
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Hi
Yes generally you are right but do note that there is also a stamp duty component. For a house that costs $410,000, the stamp duty for Singaporeans is $6,900. If you are purchasing a HDB, stamp duty can be financed using CPF which means you can consider lowering your budget slightly to around $400k to $405k range in order to make full use of your CPF. All these is assuming there is no COV. All COV have to be top up using cash (in addition to 5% cash deposit for bank loan). Should you purchase a house that could not last you till the youngest buyer are 95 years of age, your CPF valuation limit and LTV will be prorated. Your maximum loan amount might be lesser too depending of your pro-rated LTV. Do note that bank loan have different LTV pro-ration criteria as compared to HDB loan. As this involves a very complex concept, I would be glad to offer you a non obligatory consultation to provide more clarity. I am specialised in HDB transactions and a vast majority of my buyers managed to secure a house without incurring any COV despite the challenging market situation nowadays. Do contact me at 93375051  for a free and non obligatory discussions on this.

Regards
Taufik Hussein
Marketing Director
ERA Realty Network Pte Ltd
CEA Reg No: R061607B
Contact No: 93375051  Read More

Hi,

1) You have to consider the Buyer Stamp Duty (BSD) and legal costs in the buying process.
2) For example, for a $400,000 purchase, your BSD will be $6.6k, and legal cost + mortgage stamp duty will be another $2.5~2.7k. You will also be subject to mortgage insurance (HPS) due to utilizing CPF.
3) All the above costs will drive you up a wall if it is not carefully calculated.
4) I would suggest you put the above into consideration before committing to a purchase.

Please give me a thumbs-up if the answer provided is relevant to your main concern. Thanks!!!

Hope the above answer your main concerns, but if there are more queries, 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 
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https://R056727F.propnex.net/
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