HDB Bank Loan Enquries

[Raiders]

Hi there, my uncle approached me with this problem which I could not solve as Im no housing agent myself. Apparently, his agent was not really active in helping him. Wondering anyone could help.

The info is as follows:

Valuation price of flat is $300,000
COV: $28,000
Bank Loan him $240,000(80%)
CPF amount he has: $41,000
Housing grant eligible: $15,000
Stamp/Legal fees: $6200
Agent Fees: $3300

Based on the above, how much cash does he have to prepare? Thank you in advance

By the way, when he takes a bank loan, can he use his housing grant and available CPF monies to pay for the Stamp/legal fees if he have excess after deducting the 15% downpayment?

 

[Raiders]

Since he do not have enough CPF,

(Valuation + COV + fees) - (CPF + Bank Loan + Grant) = cash

Hi, thanks for the answer. Really appreciates your help


One other question. Which means that cpf+grant is able to be use to pay the stamp/legal fees if he has excess after paying the 15% downpayment right?

 

[Raiders]

Can but the problem is, there is not enough CPF in the first place. The grant is not cash. It is minus off the value of the flat. His CPF 41k. not even enough for the 15% downpayment which means he has to top up.

I very blur liao. But nevermind, following your formula,

(Valuation + COV + fees) - (CPF + Bank Loan + Grant) = cash

300000 + 28000 + 3300(Agent fee) + 6200(estimated stamp/legal) = $337500

less 41000 + 240000, 15000 = $296000

Cash he must fork out: $337500 - 296000 = $41,500?
Ijust need to give him a figure, thats all. No need to breakdown for him. Old man also don't understand

 

[I_Hate_Pappies]

Hi there, my uncle approached me with this problem which I could not solve as Im no housing agent myself. Apparently, his agent was not really active in helping him. Wondering anyone could help.

The info is as follows:

Valuation price of flat is $300,000
COV: $28,000
Bank Loan him $240,000(80%)
CPF amount he has: $41,000
Housing grant eligible: $15,000
Stamp/Legal fees: $6200
Agent Fees: $3300

Based on the above, how much cash does he have to prepare? Thank you in advance

By the way, when he takes a bank loan, can he use his housing grant and available CPF monies to pay for the Stamp/legal fees if he have excess after deducting the 15% downpayment?

Cash he needs to prepare;
COV + 5% of Valuation + Agent Fee. = $28k + $15k + $3.3k = $46.6k.

He can use his existing CPF monies to pay Stamp Fee and Legal Fee.

 

[Scrooball (clone)]

Cash he needs to prepare;
COV + 5% of Valuation + Agent Fee. = $28k + $15k + $3.3k = $46.6k.

He can use his existing CPF monies to pay Stamp Fee and Legal Fee.

Are you a clone of Cooleo? What happened to the real one? Still alive?

 

[Raiders]

Cash he needs to prepare;
COV + 5% of Valuation + Agent Fee. = $28k + $15k + $3.3k = $46.6k.

He can use his existing CPF monies to pay Stamp Fee and Legal Fee.

Thanks brother. Now this calculation makes sense to me already.

 

[I_Hate_Pappies]

Housing Grant $15k can be used to pay for the 15% downpayment.

$41k + $15k - $45k - $6.2k = $4.8k left in the OA.

 

[I_Hate_Pappies]

Real one gone le, i m his fan.

 

[I_Hate_Pappies]

Actually, your Uncle should be eligible for HDB Loan, why take bank loan?

 

[po2wq]

... Apparently, his agent was not really active in helping him ...

get a different agent la ... pay him his agent fees 4 wat? ...

 

[groober2011]

Appears the amount he has and the price of the unit is beyond his reach. Maximising loans to buy a property leaving buyer virtually penniless is not what I would suggest. There is still the renovations and other expenses to take care of.

 

[Cestbon]

Only $41K in OA. Really poor guy.

 

[Unrepented]

Possible. But don't know how old is his uncle.

His uncle's total income to date subject to CPF is about SGD120.5k. Assuming his uncle has never utilize his CPF for other matters like medical etc.

1. In sales with low basic and going on low commission.
2. Self employed for a period of time.

Only $41K in OA. Really poor guy.

 

[Mdm Tang]

.


Please. Saved. This. HDB hotline

No. : 1800 866 3066. , spk with. Any

Duty. Officer.

 

[sense]

Simple problem simple solution. Fire the agent and get a new one!

 

[Raiders]

Hi all,

My uncle is a fishmonger, that explains his low CPF. But he has enough cash on hand to top up the difference. He just wants to make sure that he paid correctly. Thanks for all your feedback and help. Really appreciates it.

 

[Raiders]

But seriously, this is how ridiculous the price of our HDB now. $300K SGD for a 65sqm unit. My goodness.....

 

[johnny333]

Hi all,

My uncle is a fishmonger, that explains his low CPF. But he has enough cash on hand to top up the difference. He just wants to make sure that he paid correctly. Thanks for all your feedback and help. Really appreciates it.

He can always take consider living in JB

 

[I_Hate_Pappies]

Lawyer will calculate for him upon 1st HDB Appointment, don't worry. I suppose he can take HDB Loan, why Bank Loan?

 

[Cestbon]

Hi all,

My uncle is a fishmonger, that explains his low CPF. But he has enough cash on hand to top up the difference. He just wants to make sure that he paid correctly. Thanks for all your feedback and help. Really appreciates it.

Your Uncle sure rich (fishmonger). Just ask him to prepare $50k sure enough.
And tell him change agent or you can recommend trusted agent to him.