Hi Jagoan,
For HDB, Purchase Price = COV + Valuation(15%+5%+80%). 80% of Valuation to finance by Bank Loan.
Cash Component:-
1. Option Fee of $1,000 + Deposit of $4,000
3. Cash Over Valuation(COV)of $30 to $50K, inclusive of the above $5,000.
4. 5% of Valuation = $17,500 if Valuation is $350K
So at this Stage, Cash component is approximately $67,500.(Taking $50K + $17,500)
CPF Monies OR Cash Component OR Both Simultaneously:-
a. When paying up for the 15% of Valuation. If we
take example of 3 Room Flat(2 Bedrooms unit)valued at $350K, 15% will be $52,500
b. Stamp Duties = (3%+5%)-$5400 of Purchase Price(COV + Valuation)to deduct from CPF OR Cash OR Both. Example Purchase Price is $400K, then $3,2000-$5,400 = Final Amount Stamp Duty payable.
Therefore, if you have enough CPF to deduct for Stamp Duties & 15% Valuation, it should be easy for you to own a HDB 3 or 4 Room Flat.
Feel free to enquire on me further. Its fairly complicated as HDB transaction is never meant to be easy for Layman.
Regards
Jerry Phoey
HP:
96301615
Huttons Real Estate
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