keltan8 0 Report post Posted October 12, 2011 hi, pls advise on the below situation on how to proceed to buy resale flat :1)current 5 room still owe $74K to HDB2)after sell, need to refund $182k (owner) and $34k (wife) back to CPF (based on CPF website)3)owner OA have $18K, wife have $8ka)so let say going to buy a 4 room resale at $360k, can ?b)how much to loan ? already loan 2 time from HDBowner is 44 yrs old, how long can take the loan ?Thanks in advance ... Share this post Link to post Share on other sites
bepgof 20 Report post Posted October 12, 2011 hi, pls advise on the below situation on how to proceed to buy resale flat :1)current 5 room still owe $74K to HDB2)after sell, need to refund $182k (owner) and $34k (wife) back to CPF (based on CPF website)3)owner OA have $18K, wife have $8ka)so let say going to buy a 4 room resale at $360k, can ?b)how much to loan ? already loan 2 time from HDBowner is 44 yrs old, how long can take the loan ?Thanks in advance ...1. Owner has 182k+18K = 200K, wife has 34k+8K=42K, total combined OA= 242K.2. 360k+5%. 5% include lawyer fee, stamp duty, agent fee. Total = 360Kx1.05 = 378k.3. Estimated 5% cash = 18K for downpayment, agent fee, etc etc.4. Need to loan 378k-242k = 136K5. Bank loan tenure, age up to 70 year old. 70-44= 26yrs.136K is a "pretty small amount". Should keep at least 5k-10K in each's OA for "contingency".If loan 140K for 26yr at 2% interest, mnthly instl abt $576.If loan 200K, ditto..... monthly instl abt $823.Ok to you ?, pls don't thank me, just contribute more posts here will do. Share this post Link to post Share on other sites
keltan8 0 Report post Posted October 13, 2011 1. Owner has 182k+18K = 200K, wife has 34k+8K=42K, total combined OA= 242K.2. 360k+5%. 5% include lawyer fee, stamp duty, agent fee. Total = 360Kx1.05 = 378k.3. Estimated 5% cash = 18K for downpayment, agent fee, etc etc.4. Need to loan 378k-242k = 136K5. Bank loan tenure, age up to 70 year old. 70-44= 26yrs.136K is a "pretty small amount". Should keep at least 5k-10K in each's OA for "contingency".If loan 140K for 26yr at 2% interest, mnthly instl abt $576.If loan 200K, ditto..... monthly instl abt $823.Ok to you ?, pls don't thank me, just contribute more posts here will do.thank-you bepgof ... haha, still need to thank-you you la the monthly instl can pay using cpf ... right ?then i thought some other post was saying after 55yrs old, we cannot use cpf to pay housing ?? and the owner still hv other cpf $$$ used at investment ... so he say no worries on the "contingency" portion Share this post Link to post Share on other sites
therat 18 Report post Posted October 13, 2011 the monthly instl can pay using cpf ... right ?correct BUT ..then i thought some other post was saying after 55yrs old, we cannot use cpf to pay housing ?? TO use CPF for house payment, there is a cap item call AVL.Once your CPF $$$ reach the AVL cap, you can't use the CPF to pay your HDB loan.As for what is AVL.U can search in this forum, which we has discuss beforeOr Google AVL. Share this post Link to post Share on other sites
MsChoong 1 Report post Posted October 13, 2011 Check with CPF personel...Very informative and accurate.. Share this post Link to post Share on other sites
keltan8 0 Report post Posted October 14, 2011 Check with CPF personel...Very informative and accurate..Thank you !correct BUT ..TO use CPF for house payment, there is a cap item call AVL.Once your CPF $$$ reach the AVL cap, you can't use the CPF to pay your HDB loan.As for what is AVL.U can search in this forum, which we has discuss beforeOr Google AVL.Thank you !!! Share this post Link to post Share on other sites
keltan8 0 Report post Posted October 21, 2011 ok, here ia another doubts, hope can get experts advise ...Let say now owner transfer $60k of investment back to OA and his total CPF with wife is S#300k,so how should he go about to buy a resale of S$360k ??will HDB ask him to top up cash S$60k or he should still borrow from bank ?thanks ! Share this post Link to post Share on other sites
therat 18 Report post Posted October 21, 2011 ok, here ia another doubts, hope can get experts advise ...Let say now owner transfer $60k of investment back to OA and his total CPF with wife is S#300k,so how should he go about to buy a resale of S$360k ??will HDB ask him to top up cash S$60k or he should still borrow from bank ?thanks !Bank loan min is 100kU can choose to use 260k from CPF, and borrow 100k from Bank.resale 360k. is just valuation or valuation + COV?Note: CPF only can use to pay the valuation part.If the resale value is 330k + 30k and u want to take bank loanCPF = 230kBank loan = 100k minCOV = 30k CASHHeard that some bank loan less than 100k , like 80k but interest higher. I heard say only. Better double check with the Bank.Bank package change according to market demand. Share this post Link to post Share on other sites
keltan8 0 Report post Posted October 25, 2011 Bank loan min is 100kU can choose to use 260k from CPF, and borrow 100k from Bank.resale 360k. is just valuation or valuation + COV?Note: CPF only can use to pay the valuation part.If the resale value is 330k + 30k and u want to take bank loanCPF = 230kBank loan = 100k minCOV = 30k CASHHeard that some bank loan less than 100k , like 80k but interest higher. I heard say only. Better double check with the Bank.Bank package change according to market demand.therat, thank you ! Share this post Link to post Share on other sites
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