First time HDB resale flats buyer...


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yZong

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Aug 18, 2006
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长山
#1
Anybody knows what are the steps ? *assuming is married and looking for flats.

The loans ? How to calculate ?
 

jtan4

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Nov 29, 2006
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#5
You will need to pay 5% of the valuation price in cash. Then the balance 15% can be by CPF.

If your purchase price is above valuation, you'd need to pay the difference between the purchase price and the valuation in CASH.

As for loan, you have to get a bank loan. Currently i think the lowest in the market is POSB... they peg it to the CPF interest rate.

Quite an adventure buying a HDB resale flat for the first time.. have fun!

Chrs
Jinny
 

yZong

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Aug 18, 2006
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长山
#6
You will need to pay 5% of the valuation price in cash. Then the balance 15% can be by CPF.

If your purchase price is above valuation, you'd need to pay the difference between the purchase price and the valuation in CASH.

As for loan, you have to get a bank loan. Currently i think the lowest in the market is POSB... they peg it to the CPF interest rate.

Quite an adventure buying a HDB resale flat for the first time.. have fun!

Chrs
Jinny
Wow.. tht means now need 20% (5% of the valuation price + 15% can be by CPF) for downpayment ???? jia lat... dunno need to save for long then achieve tht amount...
 

melvin

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Jun 4, 2005
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#8
You will need to pay 5% of the valuation price in cash. Then the balance 15% can be by CPF.

If your purchase price is above valuation, you'd need to pay the difference between the purchase price and the valuation in CASH.

As for loan, you have to get a bank loan. Currently i think the lowest in the market is POSB... they peg it to the CPF interest rate.

Quite an adventure buying a HDB resale flat for the first time.. have fun!

Chrs
Jinny
5% in cash provided u r using bank loan! If using HDB loan will onli need to pay in cash the amount above valuation!

Not neccessary 5% of val. it could be 5% of the purchase price or whichever is lower! Of cos nowadays most seller is selling abv val. but buyer always want below val.:sweat:

For first timer i always reconmend go get a direct flat from HDB n always get a 4 room first n use HDB loan!:cheers:
 

jtan4

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Nov 29, 2006
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#9
yah, actually, if it's your first time buying, better buy straight from HDB. Price will be lower, but only problem is that the location may be quite far far away.

Chrs
jinny
 

reachme2003

Senior Member
Oct 6, 2003
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#12
attend hdb resale seminar. knowledge is power.
 

melvin

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Jun 4, 2005
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#13
Also... if you are SPR.. no choice to buy resale flats only.
Ya ... SPR then bo bian lor...

If u are looking for flats in the mature area it is best u go for upgraded flats LUP or MUP! If u looking newer flat then u no need to worry abt anything!

Loan wise 5% cash 5% CPF depending on ur eligibilty for u 90% loan. :)
 

yZong

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Aug 18, 2006
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长山
#14
Ya ... SPR then bo bian lor...

If u are looking for flats in the mature area it is best u go for upgraded flats LUP or MUP! If u looking newer flat then u no need to worry abt anything!

Loan wise 5% cash 5% CPF depending on ur eligibilty for u 90% loan. :)
Hmm.. this is abit confusing. jtan4 said is 5% cash + 15% CPF.
So.. which is correct? :sweat:
 

jtan4

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Nov 29, 2006
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#15
Sorry, paiseh.. it's 5% cash, and 5% CPF... so you take a loan of 90% of the purchase price/valuation (whichever is the lower).

but now.. before you even sign the option, you need the bank's letter of approval to say that you are eligible for the 90% loan.

Chrs
Jinny
 

Dec 14, 2003
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Toa Payoh
Visit site
#16
Don't get a 90% loan. It will just kill you for the next 20-25 years.

I just bought mine. I took a 80% loan from OCBC. They are very efficient. No need to go bank to queue up as they go to your house to sign all the necessary documents.

POSB is ok but have to wait.

If you have CPF or some hard cash, pay more on the downpayment. You will not regret it.
 

yZong

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Aug 18, 2006
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长山
#17
Sorry, paiseh.. it's 5% cash, and 5% CPF... so you take a loan of 90% of the purchase price/valuation (whichever is the lower).

but now.. before you even sign the option, you need the bank's letter of approval to say that you are eligible for the 90% loan.

Chrs
Jinny
Wah.. so ma fan wan..... :sweat:
 

yZong

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Aug 18, 2006
340
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长山
#18
Don't get a 90% loan. It will just kill you for the next 20-25 years.

I just bought mine. I took a 80% loan from OCBC. They are very efficient. No need to go bank to queue up as they go to your house to sign all the necessary documents.

POSB is ok but have to wait.

If you have CPF or some hard cash, pay more on the downpayment. You will not regret it.
Ya.. i thought of that too. Interest is enough to buy another HDB. :bsmilie:

May I kaypo abit, what is the interest rate OCBC charge u ? Roughly how much u need to pay per month ? Just estimation will do...
 

melvin

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Jun 4, 2005
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#19
Wah.. so ma fan wan..... :sweat:
That is normal la... if u need a one stop service i can get it all done for u inclusive of house hunting, calculations, bank loans, lawyers, reno contractor n movers ..... :bsmilie:
 

xunjas

Senior Member
Dec 28, 2006
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www.isaackiat.com
#20
best is not to pay cash for resale flat.. the only cash portion may be housing agent commission fees of 1%..

pay by CPF and use HDB loan to pay for the remaining balance of house.. however, HDB is only available for 2 time use only.. 3rd time buying HDB flat must take bank loan liao which is alot more higher @ least 3% and up..

HDB loan for 150K over 30Year period cost 200K.. 50K is in interest liao.. Bank loan would be much worse than HDB loan..
 

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