How Much Cash Money To Pay For Cov Resale Flat

[JustMortgage 0]

a million thanks ***. really appreciate the clear breakdown you given

Welcome.

[davidbslee 1]

Hi ***, Can you help me breakdowm mine too, thank you inadvance.

Mine no grant involved. I am taking bank loan.

Valuation 275k

COV 12k

Purchase Price = 287k

[JustMortgage 0]

Hi ***, Can you help me breakdowm mine too, thank you inadvance.

Mine no grant involved. I am taking bank loan.

Valuation 275k

COV 12k

Purchase Price = 287k

How come you guys never approach us to find your bank loan?

And your agents and bankers not doing any work??

Ok here it goes.

Assuming there's no grant involved.

Valuation 275k

COV 12k

Purchase Price = 287k

If you are taking an 80% Mortgage Loan,

80% of 275k = $220,000

5% of the valuation price to be cash = $13,750.00

15% can be from CPF = $41,250.00

Stamp Duty = $3,210.00 (Can be from CPF)

Legal Fee can be around $2000 to 2500

Assuming that the Legal fee is $2500 and your subsidy is $880 from the bank.

You stlll need around $1620

Therefore Cash required

= $12,000 (COV) + $13,750 (5% Downpayment)

= $25,750 Cash

CPF required

= $3,210.00 (Stamp Duty) + $41,250.00 (15% Downpayment) + $1620.00 (Legal Fees)

= $46,080 CPF

This Example is based on minimum cash and assuming that you have enough CPF.

[davidbslee 1]

How come you guys never approach us to find your bank loan?

And your agents and bankers not doing any work??

Ok here it goes.

Assuming there's no grant involved.

Valuation 275k

COV 12k

Purchase Price = 287k

If you are taking an 80% Mortgage Loan,

80% of 275k = $220,000

5% of the valuation price to be cash = $13,750.00

15% can be from CPF = $41,250.00

Stamp Duty = $3,210.00 (Can be from CPF)

Legal Fee can be around $2000 to 2500

Assuming that the Legal fee is $2500 and your subsidy is $880 from the bank.

You stlll need around $1620

Therefore Cash required

= $12,000 (COV) + $13,750 (5% Downpayment)

= $25,750 Cash

CPF required

= $3,210.00 (Stamp Duty) + $41,250.00 (15% Downpayment) + $1620.00 (Legal Fees)

= $46,080 CPF

This Example is based on minimum cash and assuming that you have enough CPF.

Thank you very much for helping me on the breakdown, I join this forum then know yr company.

Currently I have OTP with $5,000 so that means I will still have to come out $7,000(cash) for the COV part, correct?

Agent fees is 1% + GST of Purchase Price =$3,071 (cash)

So total of amount I must have is $23,821 (cash) , correct?

[JustMortgage 0]

Thank you very much for helping me on the breakdown, I join this forum then know yr company.

Currently I have OTP with $5,000 so that means I will still have to come out $7,000(cash) for the COV part, correct?

Agent fees is 1% + GST of Purchase Price =$3,071 (cash)

So total of amount I must have is $23,821 (cash) , correct?

1) Correct.

2) Correct

[davidbslee 1]

1) Correct.

2) Correct

Thank you again for the quick reply

[JustMortgage 0]

Thank you again for the quick reply

Welcome!

[blackcar 0]

JustMortage!!! U r the man!!!

[JustMortgage 0]

??? lol...

[cookiez 0]

Hi ***,

For Stamp Duty and Legal Fee, we pay cash first and later got reimbursed by CPF...meaning CPF will give us a chq/cashier order ??

How long will CPF take to reimburse us ??

[raincole 0]

Hi ***,

For Stamp Duty and Legal Fee, we pay cash first and later got reimbursed by CPF...meaning CPF will give us a chq/cashier order ??

How long will CPF take to reimburse us ??

For stamp duty and legal fee, can use CPF to pay.

[cookiez 0]

For stamp duty and legal fee, can use CPF to pay.

Thanks raincole...so they will be deducted directly from CPF ??

[bepgof 20]

Question: Have you got a bank loan yet?

Cash over valuation means what it means.

In your Example. Purchase Price is 400k. Valuation is 380k.

Bank only lends to valuation. Hence you need to fork out 20k which is the "cash above valuation"

Let's assume you are taking a 80% loan.

5% Cash $19k

15% CPF $57k

Don't forget to reserve fees for stamp duty and legal fees etc.

You will have to come out $39k

Do not forget the "stamp duty" which is (purchase price x 3% -$5400) can be paid in cash or cpf.

[bepgof 20]

Do not forget the "stamp duty" which is (purchase price x 3% -$5400) can be paid in cash or cpf.

I just joined this forum not long ago, after reading your posts, seem you do not understand the "rules of the game". Many years ago I got caught in between too, so my advises on finiance side are:

HDB resale:

1. Downpayment = 1k, follow by 4k after signing OTP with 14 day after paying downpayment. Hard cash.

2. COV(cash)

3. Stamp duty calculation = purchase price x 3% -5,400.(CPF or cash)

4. Valuation report = $180 (cash)

5. Agent fee ~ 1% + 7%GST (cash

6. Application submission ~ $20?? (cash)

7. Legal fee ~ $3000 (cpf or cash), or bank may absorb this.

8. Bank loan, 80% or 90% of purchase price. Depend on bank's quota & yr background.

9. Take about 1 week or so to get the "letter of offer" from bank. No hurry to exercise OTP until u got the letter. If not approve, yr 1K is a "donation".

I have come across a few cases like this before (Livia, Blk414 BN...). So do your "homework" first.

Be prepared to take loan links to "sibor" or " float" rate, bank has right to adjust the interest % at their discretion especially when the operating business is not to their favour, eg high uncertainty on rate of return, wars......In 1996 end, I received noticed fm bank wants to increase % (another $200 extra !), I immediately switched to "fixed rate",I being able to do that because the agreement effected less than 6 months after TOP! I paid the bank in full 11 months after I sold the 5rm. Early redeemtion charge amounted to ~9K, but worth. Understand your loan, breakdown by "payment toward principal" & "payment toward interest", will tell you a better picture that WHAT you and the BANK are doing.

I recently got a 5 rm pt blk,resale. Downpayment & OTP done on the same day....Secured a 90% loan from UOB.

[raincole 0]

Thanks raincole...so they will be deducted directly from CPF ??

yes. HDB will deduct everything from CPF if you are taking HDB loan. So certain amount will be taken for these expenses, the rest to payoff your loan.