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Good morning Sir/ Mdm,

purchase price $400k.
valuation $390k.

If you are using HDB loan,

85% loan $331.5k
15% cash or cpf $58.5k
Your $90k can cover loan shortfall and $58.5k.

$10k cash can used to cover COV if any.

By the way dont forget about valuation fee, resale application fee, stamp duty, legal fees and commission.

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
Singapore Accredited Mortgage Planner

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Hi,

COV stands for Cash-Over-Valuation. As the name suggests, this is needed to be paid in Cash.

In the above example, your loan will be based on $390k (the lower of the purchase price or valuation). If you're taking a Bank loan, you will be able to loan up to max of 75% of $390k, which is up to $292,500.

Purchase Price $400,000
Valuation $390,000
Loan $292,500
5% Cash $19,500
20% CPF/Cash $78,000
COV $10,000 Cash
Legal fee $2,000
Agent fee $4,280

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

Hi,

1) Purchase price = $400k, valuation = $390k
2) Bank loan = 75% of valuation = $292.5k
3) CPF funds available = $90k
4) Total budget available = $292.5k + $90k = $382.5k. 5% cash of $390k = $19.5k
5) COV = $400k - $390k = $10k
6) Therefore to purchase this, you will need to fork out $29.5k (cash) + $292.5k (loan) + $78k (CPF) = $400k
7) Not sure whether you have considered the budget for buyer stamp duty of ~3% of $400k = $6.6k. This can be paid using your CPF fund, which means you have utilized $78k + $6.6k = $84.6k.
8) If you are subject to 5% ABSD, then it will be another $20k. You may pay this using the remaining funds in your CPF, but have to top up using cash for the purchase as well.

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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