First time HDB resale flats buyer...

[xunjas]

HDB flat buyers need to apply for HLE before being able to buy HDB flat...

http://www.hdb.gov.sg/fi10/fi10201p...o Apply?OpenDocument&SubMenu=HDB_Housing_Loan

 

[xunjas]

Anybody knows what are the steps ? *assuming is married and looking for flats.

The loans ? How to calculate ?

http://www.hdb.gov.sg/fi10/fi10201p.nsf/WPDis/Buying A Resale FlatOverview?OpenDocument - for HDB resale flat buyers..

http://www.hdb.gov.sg/bb29/ispm015p.nsf/instalenq?Openform - HDB loan calculator

Hope these helps u..

 

[melvin]

best is not to pay cash for resale flat.. the only cash portion may be housing agent commission fees of 1%..

pay by CPF and use HDB loan to pay for the remaining balance of house.. however, HDB is only available for 2 time use only.. 3rd time buying HDB flat must take bank loan liao which is alot more higher @ least 3% and up..

HDB loan for 150K over 30Year period cost 200K.. 50K is in interest liao.. Bank loan would be much worse than HDB loan..

Not onli agts comm still deposit which is already cash $$$ of $2 - $5000.:bsmilie:

unless u are talking about cash above valuation then thats is another story... nowadays almost wherever u go u need to pay above val. $5k - $30K or more depending on the location be 3rm 4rm 5rm EA EM almost 90% gt cash abv val.:sweat:

 

[xunjas]

Not onli agts comm still deposit which is already cash $$$ of $2 - $5000.:bsmilie:

unless u are talking about cash above valuation then thats is another story... nowadays almost wherever u go u need to pay above val. $5k - $30K or more depending on the location be 3rm 4rm 5rm EA EM almost 90% gt cash abv val.:sweat:

buy within your budget is an advice i give to young couples who are buying resale flat.. there are still reasonable price units available, dun frighten other young couples out there la.. hehe.. dun have to die die 5k - 30k, my friends have bought units without any cash, except for the housing agent commision fees..

 

[yZong]

buy within your budget is an advice i give to young couples who are buying resale flat.. there are still reasonable price units available, dun frighten other young couples out there la.. hehe.. dun have to die die 5k - 30k, my friends have bought units without any cash, except for the housing agent commision fees..

Really ? Downpayment also no need cash ? Just agent fee? How did ur fren do it ?

 

[Tetrode]

yah, actually, if it's your first time buying, better buy straight from HDB. Price will be lower, but only problem is that the location may be quite far far away.

Chrs
jinny

Not really. There are quite a number of left over flats in mature estates from the SERS program. I understand they now have walk ins for this. But you usually have to ballot for them.

 

[Godzilla Invades]

Ya.. i thought of that too. Interest is enough to buy another HDB. :bsmilie:

May I kaypo abit, what is the interest rate OCBC charge u ? Roughly how much u need to pay per month ? Just estimation will do...

I am lucky to get a good offer from the house i bought. I have plenty of hard cash, so i pay my downpayment using cash.

Yes bank loan is higher than HDB loan but since I am a PR and not qualified for it, so no choice.

My house cost me 148,000 with a 20% downpayment. My loan amount is about 113,800 for 25 years. I am paying around 600 per month using my CPF. I decided not to use any CPF to pay my downpayment as I prefer to use it for monthly payments as I do not need to worry too much for the next 7-8 years even if I am jobless (touch wood) or the interest rates goes up (not over board lar) It's like a buffer for me since I cannot afford pay one time payment, so might as well go as long as I want. I take it like a long investment lor.

Hard cash sometimes is best to use it for this case as if not, the temptation is always there to BUY BUY BUY virus......since you cannot withdraw CPF now. CPF no temptation as you cannot use it to buy equipment mar......keke.:bsmilie:

By the time I finish my payment, I already retired liao.

 

[xunjas]

Really ? Downpayment also no need cash ? Just agent fee? How did ur fren do it ?

he upfront want all payment by cpf.. if even above evaluation value, also insist by cpf.. unless u die die want to buy that unit.. usually there will units available that dun need to pay cash.. which buyer doesn't want to pay by cpf n free up their cash flow.. hee

 

[melvin]

buy within your budget is an advice i give to young couples who are buying resale flat.. there are still reasonable price units available, dun frighten other young couples out there la.. hehe.. dun have to die die 5k - 30k, my friends have bought units without any cash, except for the housing agent commision fees..

Bro, I not trying to frighten anyone out there! What i am stating are the market practise nowadays...true dun have to be die die 5k-30k some could be 2k or 3k or 40k 50k... from my point of view it is still hovering between 5k -30k which is see it coould be raise soon n quite soon...:bsmilie:

Recently just find out in some places where they use to call for $0 cash or below val. now they are asking $5-$10k above val.

Agree with you there will still be some out there not asking for any cash above valuation but really the no of ppl offering no cash will be lesser!

 

[melvin]

he upfront want all payment by cpf.. if even above evaluation value, also insist by cpf.. unless u die die want to buy that unit.. usually there will units available that dun need to pay cash.. which buyer doesn't want to pay by cpf n free up their cash flow.. hee

Are you sure CASH ABOVE VALUATION can be paid using CPF???

 

[jtan4]

Are you sure CASH ABOVE VALUATION can be paid using CPF???

above valuation must be paid in cash! bcos the bank/hdb will only give you a loan of 95% of valuation or purchase price (whichever is lower).

but it's true.. everywhere is asking for above valuation. those selling below valuation are far away e.g. sengkang.

I recently got mine just 2k above valuation. location is very near town, but flat is very very run down. Need to spend a bomb on renos.

Chrs
Jinny

 

[zcf]

from my recent house purchasing experience, those without cash above valuation one usually need quite some renovation works, or the location not very good.

 

[xunjas]

Bro, I not trying to frighten anyone out there! What i am stating are the market practise nowadays...true dun have to be die die 5k-30k some could be 2k or 3k or 40k 50k... from my point of view it is still hovering between 5k -30k which is see it coould be raise soon n quite soon...:bsmilie:

Recently just find out in some places where they use to call for $0 cash or below val. now they are asking $5-$10k above val.

Agree with you there will still be some out there not asking for any cash above valuation but really the no of ppl offering no cash will be lesser!

my advice is get a house which is within your budget and negotiate for valuation price.. as a buyer, it is better to save than to pay extra when u can use those money for other purpose..

 

[xunjas]

from my recent house purchasing experience, those without cash above valuation one usually need quite some renovation works, or the location not very good.

there will exception cases also.. some houses are quite well maintained..

 

[xunjas]

above valuation must be paid in cash! bcos the bank/hdb will only give you a loan of 95% of valuation or purchase price (whichever is lower).

but it's true.. everywhere is asking for above valuation. those selling below valuation are far away e.g. sengkang.

I recently got mine just 2k above valuation. location is very near town, but flat is very very run down. Need to spend a bomb on renos.

Chrs
Jinny

buy the unit within own budget.. cash can be used for better reasons..
u have good location, so spend more on reno is alrite
my friend got his flat @ tampines street 42 (4RM S type) for 220k @ valuation price..

 

[yZong]

I am lucky to get a good offer from the house i bought. I have plenty of hard cash, so i pay my downpayment using cash.

Yes bank loan is higher than HDB loan but since I am a PR and not qualified for it, so no choice.

My house cost me 148,000 with a 20% downpayment. My loan amount is about 113,800 for 25 years. I am paying around 600 per month using my CPF. I decided not to use any CPF to pay my downpayment as I prefer to use it for monthly payments as I do not need to worry too much for the next 7-8 years even if I am jobless (touch wood) or the interest rates goes up (not over board lar) It's like a buffer for me since I cannot afford pay one time payment, so might as well go as long as I want. I take it like a long investment lor.

Hard cash sometimes is best to use it for this case as if not, the temptation is always there to BUY BUY BUY virus......since you cannot withdraw CPF now. CPF no temptation as you cannot use it to buy equipment mar......keke.:bsmilie:

By the time I finish my payment, I already retired liao.

I am PR too. I guess I need to do the same thing.. get loan from bank.

The 20% downpayment.. u paid solid solid cash ah ? wah....

 

[Adrian]

Also... if you are SPR.. no choice to buy resale flats only.

And also the couple total gross salary must not exceed $8K limit in order to purchase new flat(4-5rm). Another alternative is to purchase new EC then you limit will be 10k.

 

[Godzilla Invades]

I am PR too. I guess I need to do the same thing.. get loan from bank.

The 20% downpayment.. u paid solid solid cash ah ? wah....

Keke......aiya.........i save like siao for the last 13 years........

Also lucky to have some big projects along the way........but i prefer 3 room to 4 or 5 because 1/2 my life is in the studio or outdoor shoot. My home is like a hotel. As long as I have a super comfy bed with my partner next to me, I am satisfied liao..........

So to me, 4 and 5 room is for family who wish to expand. For me and my wife, we just prefer small place which is easier to clean as well. Not to sure if we are expanding yet as both of us are super busy with our work..............as we plan to retire early if possible..........!

 

[melvin]

And also the couple total gross salary must not exceed $8K limit in order to purchase new flat(4-5rm). Another alternative is to purchase new EC then you limit will be 10k.

There is no income ceiling (unless applying for CPF Housing Grant).

To Buy EC need at least one SC to buy.

:cheers:

 

[melvin]

Keke......aiya.........i save like siao for the last 13 years........

Also lucky to have some big projects along the way........but i prefer 3 room to 4 or 5 because 1/2 my life is in the studio or outdoor shoot. My home is like a hotel. As long as I have a super comfy bed with my partner next to me, I am satisfied liao..........

So to me, 4 and 5 room is for family who wish to expand. For me and my wife, we just prefer small place which is easier to clean as well. Not to sure if we are expanding yet as both of us are super busy with our work..............as we plan to retire early if possible..........!

Remember to call me if u have intention to sell n buy! Will help u get the best price