Bank Loan & 20 % Downpayment

[keltan8 0]

hi, just to find out more ?

Is it true that :

1) If we loan from HDB, we will definitely need to pay 20% downpayment during 1st appoint ment with HDB ?

But ,

2) If we loan from bank, we will not pay anything during 1st appointment ?

Then when we need to pay the 20% downpayment and HOW to pay ?

Thanks !

[May_dream1 14]

hi, just to find out more ?

Is it true that :

1) If we loan from HDB, we will definitely need to pay 20% downpayment during 1st appoint ment with HDB ?

But ,

2) If we loan from bank, we will not pay anything during 1st appointment ?

Then when we need to pay the 20% downpayment and HOW to pay ?

Thanks !

i took bank loan so i am not sure how it works for HDB loan. But for bank loan, you don't need to pay anything during 1st appt.

After the 1st appt, then you need to go to lawyer (you can find yr own or ask the bank you took loan from to intro one to you). At the lawyer firm, you need to specify how much cash (min 5% cash + COV) you will be using, how much CPF you will be using and how much you taking the loan (which is also the same info you given to bank when you sign the letter of acceptance for bank loan).

About 1 week before the 2nd appt, you have to prepare a cheque for the cash portion to the lawyer (payable to the law firm, not the seller). Then the remaining 15% (or more depending on what you specify to bank/lawyer) would be from CPF. You will see your CPF amt suddenly becomes very little abt 1 week before the 2nd appt too.

During 2nd appt, a rep from the law firm will be there to pass 2 cheques to HDB officer. One of the valuation amt and another of the COV. HDB also would issue cheque to the seller which i am not sure how it works as i never sell any hdb before.

[keltan8 0]

i took bank loan so i am not sure how it works for HDB loan. But for bank loan, you don't need to pay anything during 1st appt.

After the 1st appt, then you need to go to lawyer (you can find yr own or ask the bank you took loan from to intro one to you). At the lawyer firm, you need to specify how much cash (min 5% cash + COV) you will be using, how much CPF you will be using and how much you taking the loan (which is also the same info you given to bank when you sign the letter of acceptance for bank loan).

About 1 week before the 2nd appt, you have to prepare a cheque for the cash portion to the lawyer (payable to the law firm, not the seller). Then the remaining 15% (or more depending on what you specify to bank/lawyer) would be from CPF. You will see your CPF amt suddenly becomes very little abt 1 week before the 2nd appt too.

During 2nd appt, a rep from the law firm will be there to pass 2 cheques to HDB officer. One of the valuation amt and another of the COV. HDB also would issue cheque to the seller which i am not sure how it works as i never sell any hdb before.

Hey May_dream1, thanks for your reply ...

also heard the STAMP FEE and LAWYER fee can use from CPF too ? roughly how much lawyer fee for buying ?

xie xie !!!

[Plastic3 0]

Is it true that :

1) If we loan from HDB, we will definitely need to pay 20% downpayment during 1st appoint ment with HDB ?

But ,

2) If we loan from bank, we will not pay anything during 1st appointment ?

Then when we need to pay the 20% downpayment and HOW to pay ?

For HDB loan:

Need to pay COV within 10-days from 1st appt, the rest on completion.

For Bank loan:

1st appt don't have to pay.

Pay roughly 2-weeks before 2nd appt (depends on bank)

(Note that for Bank loan need to pay 5% in cash)

[May_dream1 14]

Hey May_dream1, thanks for your reply ...

also heard the STAMP FEE and LAWYER fee can use from CPF too ? roughly how much lawyer fee for buying ?

xie xie !!!

Yes, stamp fees and lawyer' fees can be from CPF. Mine uses CPF for both too.

For lawyer's fees, it can range from 1000-3000 dollars. But when you get bank loan, they will subsidise a certain % of your loan amt. for mine, it was near to $1500 but part was subsidised by bank.

[keltan8 0]

For HDB loan:

Need to pay COV within 10-days from 1st appt, the rest on completion.

For Bank loan:

1st appt don't have to pay.

Pay roughly 2-weeks before 2nd appt (depends on bank)

(Note that for Bank loan need to pay 5% in cash)

THANKs alot ...

[keltan8 0]

Yes, stamp fees and lawyer' fees can be from CPF. Mine uses CPF for both too.

For lawyer's fees, it can range from 1000-3000 dollars. But when you get bank loan, they will subsidise a certain % of your loan amt. for mine, it was near to $1500 but part was subsidised by bank.

roger and thank you OUT !

[keltan8 0]

Yes, stamp fees and lawyer' fees can be from CPF. Mine uses CPF for both too.

For lawyer's fees, it can range from 1000-3000 dollars. But when you get bank loan, they will subsidise a certain % of your loan amt. for mine, it was near to $1500 but part was subsidised by bank.

Sorry May, one more question ?

so when will i pay the Stamp fee and Lawyer ?

[May_dream1 14]

Sorry May, one more question ?

so when will i pay the Stamp fee and Lawyer ?

stamp duty will be 1 week after 1st appt if i remember correctly. Lawyers fees is same time as deduction from CPF for that 15% downpayment

[keltan8 0]

stamp duty will be 1 week after 1st appt if i remember correctly. Lawyers fees is same time as deduction from CPF for that 15% downpayment

wow, Lawyer fee so fast paid meh ? by that time , we also havnt complete our transaction yet, right ?

[May_dream1 14]

wow, Lawyer fee so fast paid meh ? by that time , we also havnt complete our transaction yet, right ?

same time as the 15% downpayment which is 1 week or few days before the 2nd appt lah. they already did the job to process everything mah..... and so near to 2nd appt, most of the time, nothing will happen.