Good morning Cynthia,
SPR household must fulfill SPR status of 3 years first before both of you are eligible to purchase a resale HDB and ink on the OTP. You can start househunting perhaps 2 to 3 weeks before fulfillment of 3 years cause you will definitely suffer heartache if you like the unit but cant purchase the unit.
If you are able to obtain 80% max loan, your initial outlay will be as such:
1) 5% cash downpayment
2) 15% CPF or cash downpayment
3) estimated 3% buyer's stamp duty
4) 5% additional buyer's stamp duty as SPR
5) $2k legal fees
6) $80 resale application fee
7) $200 valuation fee
8) 1% of purchase price plus 7% GST as agent commissionm
9) pro rated property tax etc
Your cash outlay will depends how much CPF OA funds do you have and whether do you need to fork out COV. Usually for prime location like redhill/ tiong bahru areas, you might need to fork out COV due to floor level, location, facing etc.
Hope my explanation helps!
Perhaps you can share more with me so I will be of great assistance to your property purchase in a year's time.
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Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Senior Associate Marketing Director
R043025D
Propnex Realty Pte Ltd
Estate Agent no. L3008022J
Blk 480 Lorong 6 Toa Payoh, #10-01/11-01 HDB Hub East Wing, Singapore 310480
(M):
+65 9111 5171
(E): yt.tan91115171@gmail.com
(W):www.yttan.com
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