Anybody knows what are the steps ? *assuming is married and looking for flats.
The loans ? How to calculate ?
The loans ? How to calculate ?
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
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
Read this link from HDB
http://www.hdb.gov.sg/fi10/fi10201p.nsf/WPDis/Buying%20A%20Resale%20FlatOverview?OpenDocument
Why do people buy resale flat ?
The only reason is location.
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.
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
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.
Wah.. so ma fan wan..... :sweat: