JustMortgage

Dear merydith, We are talking about private property purchased in secondary (resale market) Correct? 1% option fee is always payable in cash 4% will be payable after the exercise of the option to purchase This first 5% must be cash. 15% can be utilized from CPF or cash component. (CPF before untilizing will be subject to setting aside 50% minimum sum if the property to be purchased is the 2nd property + lease remaining on property > 60 Years) AIP does not mean that it is a guarantee the bank will lend. The bank will assess again after getting the necessary financials from the client and doing a precise check on the client's credit profile and the necessary check on the applicant's existing loans and credit facilities. We have had cases before that one of the financial insitutitions have granted an Approval in Principal and in the end rejected the loan. Luckily we had spoken to other financial institutions and in the end managed to locate one for the client. If you were to engage our services, we will handle the queries and checks with other banks for you including the valuation of the property when you are ready to commit. There are no fees charged you. We will also speak to lawyers that we deal with for you in the event you do not have a legal firm representing you. Do beware that there are firms/people in the market that so call claim to help clients but they negotiate fees from lawyers and thus jack up your legal fees.

Although you know the previous transaction prices. It is important to also know what is the valuation of the property so that you can gauge the amount of cash you will need to prepare upfront and the estimated mortgage loan quantum you might want to take from the financial institution.

At the same time, if you want to know indicatively if the valuation of the property is fair or if you require finding out what's a good mortgage package in the market, we could assist you with that. Real Estate agents typically won't know the ins and outs of mortgages and when it comes to valuations it's better to seek a professional opinion from one that does not have a vested interest in selling the property. Good Luck!

Essentially that is what it means. "You, your spouse, any occupiers listed in the Application Form or their spouses must not own or dispose any other flat, house, building or land* or have an estate or interest at any time within 30 months before the date of application, or between the date of the application and the date of taking possession of the DBSS flat." We believe that these policies are put in check to prevent people from hoarding the HDB units when there could potentially be other people who might be in need of a HDB unit for their stay. Likewise, you should direct your question to the relevant HDB authorities. At the same time, policies can change, hence should you be overly concerned now? In the case that you have taken the CPF grant, then you should ask this question again when your 5 Years MOP is up.

You mis-read that. You can only book a new flat after satisfying the 5-Year MOP (Minimum Occupation Period). It is not allowed in singapore for a person to own 2 HDB flats. I don't think you will be able to purchase a DBSS unless you satisfy a whole load of requirements, one of which is the Ownership / Interest in Property Taken from CPF HDB InfoWEB For more information, always refer to HDB Government Website

HDB InfoWeb If you, your spouse or any of the essential occupiers listed in the application is an existing owner or ex-owner of a flat bought directly from HDB, a DBSS flat from the developers, or a resale flat bought under the CPF Housing Grant Scheme, you may apply to buy a DBSS flat on condition that a 5-year period (excluding any period of subletting of the whole flat) has lapsed from the *date of taking possession of the flat to the date of application for a DBSS flat.

There will probably be a group of conspiracy theorists out there *chuckles*, ranging from government intervention to sheepherding the rest of the population who can't afford to settle at other areas. etc. The real fact is that the previous month completed sales are justifying the prices, people wanting to buy HDBs in case of further increases, HDB dwellers rushing to "upgrade" their lifestyle by upgrading to private.

Quite frankly, we're probably the right people to ask for questions pertaining to financing issues, on the other hand, let's try to look at this objectively. While we may not be right, we believe that seller should not be required to build back the wall. What you see is what you get. It seems rather silly that you own the flat and cannot dictate how your flat should be.

We could check with our counterparties but we believe that if the flat is a 4RM, it will be assessed as a 4RM. Basically it is the reduction of 1 room to extend the size of the other bedroom. If any, the impact should be negligble.

Hmm, apart from asking for a re-valuation which cost you a fee, I can hardly think of any other way of invalidating the valuation done by a valuer. You have to accept that the median prices of properties have increased in the recent half year which is supporting the recent spurge in property prices.

Generally there is a standard guide and practice that valuers will adhere to. When you mention companies deriving a valuation for personal gain, that is highly unlikely. Valuers are licensed by IRAS and to think that a firm would hike the valuation and risk losing their licence seems rather far-fetched. There are many components to valuing a property and are as follows (not exhaustive): - actual transacted resale prices for similar properties in the vicinity. This is a well-established industry practice and applies to both private and public housing valuation. - overall economy - property market sentiment - location - size - age. - renovation typically plays only a miniscule part of the valuation process. If the valuation is overly high, financial institutions also might question the valuer and they run the risk of being striked off the approved panel if discovered of unethical practices. Generally most valuation for HDB do not differ much. We see more valuation difference at private properties and that is also subjective.

Where did you get that idea from? The general idea for properties that are mortgaged to the bank, the financial instituition will hold the deed to the said property. What that also means is the financial instituition will have a first charge (proceeds on selling the property willl be used to redeem the mortgage loan first) on the property. A mortgage loan uses the property as collateral to guarantee repayment of the loan. The borrower gives the financial instituition a lien against the property, and the financial instituition can foreclose on the property if the borrower does not repay the loan per the agreed terms. Do note that if you purchase a property for 500,000 and after 20years it's worth 1.3m and you have paid full for the property, there's money there that is not "working" for you. Hence there are people who might want to cash out the equity of the property for one reason on another