HDB Resale Flat: Why must we pay 2% in cash???!!!

• Skinhead

  15 Jan 04, 21:30

  The new ruling is that resale flat buyers have to fork out 2% IN CASH if they are taking bank loan. Why this stupid policy at a time like this? Arent we facing enough retrenchments, price increases and what have you? And its gonna increase by % every year until it hits 10%. Omigosh! If the flat cost $300000, we gonna fork out $6000?
• Boxer

  15 Jan 04, 21:58

  I do not know the real reason. But I have a solution to this problem ...
• nismoS132

  16 Jan 04, 02:25

  if you can pay $20-50k downpayment for a flat, surely you can pay $6k?
  
  or do you really think you can get a $300k loan without any deposit?
• Skinhead

  16 Jan 04, 13:12

  The 20% downpayment can use CPF, but the 2% must be paid in cash. There is a big difference between CPF money and cash in hand.
  
  Hi boxer, what solution have you got? OCBC has a cash back of 2% but the loan must be more than $150k. But i don't need this much loan
• nismoS132

  16 Jan 04, 17:10

  if you don't even have 6k on hand. then it's not advisable for you to even get a flat.
• Skinhead

  16 Jan 04, 21:30

  Originally posted by nismoS132:

  if you don't even have 6k on hand. then it's not advisable for you to even get a flat.

  There are lots of ppl who don have $6 on hand! U mean ppl without $6k have no right to own a home?
• Thailand_Hero

  5 Feb 04, 10:24

  Originally posted by Skinhead:

  There are lots of ppl who don have $6 on hand! U mean ppl without $6k have no right to own a home?

  really...there are people with more than 6k on their hands who can't afford to buy a home. and buying a home requires sound financial planning and long term decision making. as always rule are set in place to avoid abuse.
  
  if you are unable to afford a 300k home, its really no point whining about it. Find something more suitable that suits your finances. Everyone has a right to own a home but a home isnt free.