Hi,
1) According to your ($2.7K) and your fiance's current income ($3.5k), using MSR calculation, you properly can get a loan of $371k.
2) Add in your current OA of $34k, your budget should be about $405k.
3) You mentioned 2nd timer so assume your previous flat is a subsidized flat (either BTO or resale with grant).
4) Since you mentioned give it back to HDB, there properly has no sales proceed. Thus even you utilized and HLE, 50% cash proceeds to finance the new purchase (right-sizing policy) properly will not affect you.
5) Current lowest price of 4 improved range from $350k and onwards. and the remaining lease only left 53/4yrs.
6) So if you are below 45 yrs old, you properly unable to fully utilize your CPF to service your monthly mortgage in the later period of the loan tenure.
7) If you push to buy nearer to $400k, you may find some flats with a remaining lease of >60 yrs. But do note that usually, these flats are not in a very good condition, smaller, low floor, further away from MRT, etc.
8) With your current situation, I would suggest you apply for 4-rm BTO/SBF that meets your budget.
9) You have to factor in the buyer stamp duty, legal fee which are a few thousand dollars.
Stamp duty for $400,000 purchase is $6,600, legal fee around $275 if using HDB loan, a mortgage stamp duty of $500, etc.
If you have some allowance in your CPF, you may utilize to pay for these fees. Otherwise, you have to fork out cash for them.
10) Finally, since your fiance is 1st timer, your application will be under 1st timer queue.
11) You may see the Nov launch under this link:
https://esales.hdb.gov.sg/bp25/launch/20nov/bto/20NOVSBF_page_9483/price-wl.html
Hope the above answer to 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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