a 4 room flat. downpayment how much ar, plus a bit of renovation?
ditzy
10% downpayment, 5% deductable from cpf. Which area flats you looking at? New estate? Mature estate?
gerrykoh
Call one of the housing agt. listed in classified & maybe he can provide the answer. Have to check your CPF & combined salary of both u & your spouse.
photo_seeker
Generally around $250,000 for a new flat with renovation. The rest, work it out yourself depending on the CPF money, etc.
blowfish
Originally posted by photo_seeker:
Generally around $250,000 for a new flat with renovation. The rest, work it out yourself depending on the CPF money, etc.
So it about hard cash SGD25000(10%) and about SGD12500 CPF? Am i right?
CPF can deduct from both party right?
correct?
blowfish
? anyone?
woes00
If u r a FIRST timer in buying a NEW flat,
min 10% downpayment == comes from both party CPF, no need to come up cash..
But when selecting for a unit for the first time, u need to come up with $2000 cash which will be returned to u when the project is confirmed
BufPuf
izzit true that if yr CPF got more than 10%...they will deduct everything???
blowfish
Now i am confused.
HOw u define a resale flat and a new flat?
qooorange
For first timer buying flat, u can choose to buy a resale flat or a new flat. If u are buying the flat from the open market, it means you are buying a resale flat. Note that not all flats you buy from HDB is new, some are so called "Re-purchase" flat. Those units are sold back to HDB. Some of the reasons are backing out of marriage, by law, a HDB unit must be under 2 persons name.
Next, if you are getting resale flat, you are eligible for housing grant of up till $40k (for those buying unit near parents). The requirement is 10% cpf. If you do not have enough, you have to top up with CASH. The $2k deposit is a MUST but that will be returned to you later. If you have > 10% cpf, they will deduct everything. Some couples will chose to park their cpf $ in some funds, stocks or unit trust before getting their flat. After they get their flat, they will then sell off the investments to keep a buffer in their CPF account (in case they lose their jobs). However, some argue that it is more beneficial to let HDB deduct everything as it helps to reduce the amount of interest you have to pay. Anyway, parking $ is only useful if the gain from the investment more than offset the amount of interest payable.
The above is with the assumption that you are getting HDB loan. The interest rate is 0.1% above the prevailing CPF interest rate and the least it can go is 2.6%. Currently, it is 2.6%. However, if you are borrowing from bank, you need to cough out 5% (as of 1 Jan 2006). More info here: http://www.hdb.gov.sg/fi10/fi10201p.nsf/WPDis/Buying%20A%20New%20HDB%20Flat%20(e-Sales)Policies%20-%20Housing%20Loan%20from%20Banks?OpenDocument
You can calculate your monthly payment here: http://www2.hdb.gov.sg/webapp/BP13FINPLAN/BP13J020