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Hi,

COV does not form part of the downpayment. Based on the above example:

Purchase Price: $550k
Valuation: $500k
COV: $50k
5% Cash downpayment: $25k
20% balance downpayment: $100k
BSD: $11,100
Legal Fee: $2,000

Total Cash: $75k
Total CPF: $113,100 (to top up Cash if insufficient CPF)

I am experienced and well-versed in both HDB and private transactions. 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,

COV does not form part of the downpayment. Using the figures mentioned

Agreed price 550k
Valuation 500k

COV 50k cash
15% 75k Cash / CPF OA (if sufficient)
85% 425k hdb loan (if qualified)
3% approx 10.5k stamp duties + legal fees (can use CPF OA if sufficient)

Do note stamp duties and legal fees also apply. May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
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Appreciate your sharing, in order to help you better can I know you are looking for rent or purchase or sale?
Welcome any questions at 9696 4398  via phone or WhatsApp. Email is Stewartlim96964398@gmail.com
Cheers
Stewart-PropNex Read More

Hi,

1) COV is the abbreviation for Cash-Over-Valuation. This is an amount only recognized by the buyers and the sellers.
The HDB and banks will not recognize the existence of this amount, since they only recognized the market value which is the valuation value.

2) The buyers and sellers feel that the property is worth higher than the market value defined by the valuer and therefore agree that only with this added amount can justify the true value of the property.

3) The outcome is B. Since you are using an HDB loan:
$50,000 COV paid in cash.
$75,000 CPF and/or CPF for 15% downpayment.

You may utilize the grant for the 15% downpayment if you are eligible for any.

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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