enquiry in HDB resale.
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hello all, i like some infomations from you all regarding HDB resale flat.
i am planning to buy one 3 or 4room resale flat, i am under 35, first time buyer. going to buy it together with my grandma who is also a first time buyer. she is not working, and my salary is not over 8k monthly. do i get any grant in this situation?
thanks a lot. -
seriously, nobody knows?
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yes
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You can get a HDB loan as well. But the rules just changed. Read today's Straits Times.
I think the new formula for the maximum loan year goes something like this:
65 - (Average age of all co-owners)
So if you're adding your grandma's name inside together with yours, for example, say your age is 32 and your grandma is 64. Then the average age of both of you is 48. So the HDB loan you take must be repaid in (65 - 48 = 17) years.
Previously, they allowed you to take a max 30 years loan (65 - 32 = 33 > 30) But they changed the rules supposely to want owners to be more prudent in their finances.
Of course, I could be wrong. I'm using the ST example and did some calculations on my own. It's advisable to seek a housing agent properly. -
thanks a lot pal. i just want more info before consulting the property agent.
i will read up the papers.
cheers -
Hi my friend there if you need help you can let me know as I'm a housing agent.Thks a lot -
I also just bought a resell 4 Room...
One most important thing to remember to leave at least 1 yr of CPF fund as a buffer ...just in case...
What i also did was to take out 90k cpf fund and invest with an estimated 8% return per year for next 30 years instead of using the to offset the loan
Just make sure your investment returns > bank interest ...then you will make your $$$$ more worthwhile
Talk to a financial consultant...good luck...
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oh, my cpf can consider nothing, as i am still young only 25 this yr. i am a freelance in oil and gas sector so i am consider self employed, cpf contribution i put in a bit only. so regarding investment in cpf i don't think i do much about it.
