6 Answers

Hi,

Yes your housing loan will be based on valuation. You can check your valuation report, it indicates clearly that the valuation figure will be the basis for cpf usage and loan financing purposes. The 20k difference needs to be paid in cash. Assuming 80% hdb loan, max loan you can take for this property is capped at 488k, even though your HFE letters indicates more.

Hope the above clarifies. I am well-versed with HDB and private property transactions, having helped more than 100 homeowners transit smoothly with their housing plans. Please reach out to me at 97432395  for a more in-depth discussion :)

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You are right. Housing loan is only based on valuation. Any figure above valuation for selling price, the difference in amount is what we called Cash Over Valuation (COV) where this amount has to be paid for in cash.

I have been in the real estate business since 2009, with more than 14 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.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

Warmest regards,
Geryl Lim
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1
Your HDB loan amount is determined by the valuation of the flat, not the selling price.

The valuation figure is used for (1) CPF usage and (2) loan calculations.
In your case, the $20,000 difference between selling price and valuation needs to be paid in cash (often called Cash Over Valuation - COV).
>> your HDB eligibility letter (HFE) might show a higher loan amount, the actual loan is capped at 80% of the valuation
Loan Amount Based on Valuation (Summary):
Your HDB loan amount is determined by the valuation of the flat, not the selling price.
Check the valuation report - it should clearly state this.
The valuation figure is used for CPF usage and loan calculations.
In your case, the $20,000 difference between selling price and valuation needs to be paid in cash (often called Cash Over Valuation - COV).
Even though your HDB eligibility letter (HFE) might show a higher loan amount, the actual loan is capped at 80% of the valuation (in this case, S$488,000). Read More
1
Hi,

Yes you are right.

The loan will be max 80% of the selling price or valuation value whichever is lower. For your case, it will be based on 610K. COV 20K is to be paid in cash

Hope this helps,

This platform does not allow me to contact you directly so kindly contact me at https://wa.me/6597261112 I would be glad to assist you further.

Thank you and best regards,

Jenny Tran
Propnex Realty Pte Ltd
(HP) +65 97261112 
(Email) jenny.tran@propnex.com
BSc (Real Estate) (Hons)-NUS

Testimonial from Satisfied Clients
-- My husband and I wish to commend the sincere attitude and good customer service rendered by your staff Jenny, who handled the sale of our 5R HDB flat early this year. We have met several agents but none as genuine as Jenny. Being a seller agent, she took our interest at heart in handling the sale, unlike other agents who are self-interest. Jenny is punctual and prompt in the whole dealings and we were convinced that such an agent is hard for find nowadays. Jenny is a trustworthy, honest, sincere and hardworking agent. We are happy with her service and would gladly recommend her to our friends in future. Jenny is an asset to Propnex and the organisation should value her. Thank you Jenny for her efforts--
Mr and Mrs Soo (HDB seller)

--Jenny is very committed and responsive to her clients and she has spent hours updating them and looking out for great deals and even tailor-made property proposal geared towards their needs. Will certainly refer her to others and will definitely approach her again in her future--
Nick and Kim (New launch buyer)

--Jenny did a great job helping my wife and I sell our unit. She took active steps to walk our neighbourhood to understand what she was marketing. During the marketing period, she managed potential buyers and provided timely updates and recommendations so we could stay on top of the process. Overall, Jenny was professional and helped us to achieve a positive result which we are very thankful for--
Aaron ( HDB seller)

--Jenny was very passionate and went the extra miles to help. Thanks to her professional advice and recommendations, I had finally found my dream home--
Yvonne (New launch buyer)

--Appreciate Jenny's clear and prompt communication style with us and other stakeholders. She was also patient and client-centered throughout the process of finding a home that met our criteria. As a first-time home buyer, we appreciate how she went out of her way to explain the process and answer questions we had--
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0
Hi,

1) When the valuaion is $20k below the agreed price. It means you have to pay this amount in cash, aka, COV (Cash-Over-Valuation).
2) Your max loan is 80% based on the valuation value, which means you can only take a loan maximum of $488k.
3) The maximum loan amount shown on the HFE portal is the maximum loan based on your household income so that you can buy a higher-value flat.
4) Do work out your numbers before exercising on the OTP. You will have to cater money for the stamp duty of $13,500 and legal fees as well.

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

Hope the above answers 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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1
Tan Pei Cheng (Pei)
Hi
Loan is based on the valuation price
I would be glad to assist you.
Feel free to contact me at wa.me/6597100155 .
Hope to hear from you soon.
Pei
Mobile: (65) 9 7 1 0 0 1 5 5.
Email: peicheng.tan@propnex.com
Associate Group Director
Propnex Realty Pte Ltd

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1