Hi,
1) According to your descriptions, you are no doubt eligible to purchase a resale HDB flat.
2) You didn't mention whether you are self-employed or employed. There is a different way of tabulating MSR; i.e how much you could loan.
3) I would draft both scenarios according to your current financial situation:
(a) Self-employed:
The estimated MSR is ~$200k, loan tenure 22 years.
Putting your CPF into consideration, your budget is $287k without consideration of cash.
(b) Employed:
The estimated MSR is $286k, loan tenure 22 years.
Putting CPF into consideration, your budget is $373k without consideration of cash.
4) In today's market:
$287k can get woodlands' area 3-rm flat, remaining lease less than 60yrs. A new town such as Punggol 2-rm flat, remaining lease more than 90yrs.
$373k can get 3-rm flats almost all around the island.
5) Since you are under SPR status, you can only loan from banks. According to MAS instructions, the max loan bank can disperse for a mortgage is only 75%.
5% must be cash, 20% can be cash and/or CPF.
By taking:
(3)(a) using a budget of $275 (instead of $287k, so that you have an allowance for Buyer Stamp duty (BSD) & legal fee).
Your cash is $13,750 (OTP fees of $5,000 is inclusive in this), 20% CPF and/or cash = $55,000. BSD = $3,700, legal fee = ~$1,500
(3)(b) situation shall be a budget of $365k.
5% Cash = $18,250, 20% CPF and/or cash = $73,000, BSD = $5,550, legal fees = ~$1,600
6) There is certain standard cost such as caveat, microfilm, mortgage stamp duty, resale application, valuation report, insurance, DPS, etc.
Estimated minimum cash needed for:
(3)(a) = $13,750 + $1,500 = $15,250
(3)(b) = $18,250 + $1,500 = $19,750
7) I would suggest you speak to a banker first before your home search so that you understand whether banks able to loan the amount you need for the purchase.
8) Once you confirm you are able to receive financial support from the bank, you then ready to register your "Intent to buy" using your Singpass under the link below:
https://services2.hdb.gov.sg/webapp/BB31AWDashboardWeb/BB31PLogin.jsp
9) Once you completed steps (7) & (8), you are ready to find your new home now.
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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