HDB application-related questions

[wind]

hi ppl. new hdb applicant here. quick qns here,

1) can we use cpf to pay the 1st 20% downpayment for a new flat?
2) if can, any limit to amt we can take out from cpf?
3) can a couple (yet to ROM) use both their cpf for the 20% downpayment
4) for renov loan, which bank do u guys normally go to?
5) do u normally get loan from hdb or bank?

 

[Bernard Ong]

Ha, i suppose u are in the balloting exercise recently.

1) I heard rumours that we need to pay a certain amount of cash for downpayment now but not confirmed. I think 20% downpayment using CPF is still workable.

2) You can empty the whole ordinary account for downpayment

3) You need a letter of deferment to explain so. For me, my wedding ceremony + ROM will be conducted in a church. Hence, i require a letter from my pastor(who is authorised to witness the signing of the cert) to defer the date of registry. I will still be able to get the keys, pay deposit $5k and renovate my house before my weding date.

4) I dun reco bank loan.

5) I would prefer loan from CPF.

 

[mpenza]

1) think you need to pay some cash now (2-5%?). in the past, you could use cpf to pay fully.
2) there's a cap on the total loan amount (but definitely much more than the initial down payment, so you could use the full amt to cover the 20%)
3) you could write in. a friend got his flat 6 months before his ROM.
4) no comments.
5) if you can get preferential rates (0.1% above the CPF rate), might be better to get from CPF. bank loans have lower interests for the first few years but the interest rates are higher thereafter if I'm not wrong.