walkofwinners
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When do I apply for the grants if I am buying resale, during first appointment?
So my combined gross income is $6000.
HDB loan is $400,000.
Based on HDB calculator, my monthly mortgage is $1815.
Taking 30% of 6000, it would be $1800.
Does this mean I only have to top up $15/month in cash?
So my combined gross income is $6000.
HDB loan is $400,000.
Based on HDB calculator, my monthly mortgage is $1815.
Taking 30% of 6000, it would be $1800.
Does this mean I only have to top up $15/month in cash?
Hi brightside!
The MSR is the limiting figure in this case.
Strictly speaking, your monthly mortgage is capped at $1800.
Working off that figure, with a loan-to-value (LTV) of 80%, 25 years loan tenure & 3.5% interest (MAS standardized benchmark rate),
your maximum loan limit it $359,552
The total purchase value would be $449,440
You can purchase a higher-priced unit if you have more cash/CPF to top up the difference (maximum loan is the limiting factor) or are eligible for any grants.
Yes that wass the tool i used to estimate my maximum loan.
Therefore my next question is, based on this diagram,
why can't the monthly installment be paid off entirely with cpf?
Sorry but I don't quite understand. Possible to point me to some resources for reading?
I used hdb' loan estimation tool and was estimated to be eligible to up to 400k loan.
Hi guys. Just exercise my otp by submitting 4k to seller agent. Btw, otp contract is kept by seller agent?
Hey guys, when applying for bank loan for resale hdb, do you guys choose a few banks and apply ?
Or just choose 1 bank based on their rates first and then only send this 1 bank your financial documents to apply ?
Yes that wass the tool i used to estimate my maximum loan.
Therefore my next question is, based on this diagram,
why can't the monthly installment be paid off entirely with cpf?
Me and my wife are currently staying with the in-laws (no kids) and renting out our 5-room Queenstown HDB flat.
Would it be a good idea to sell our 5-room (~$750K) and upgrade to a 2 bedroom condo (~$800 - $900K) located in the OCR region (Punngol, Sengkang, East Coast etc...) near the MRT for better capital appreciation? Would it be a better investment 10 years down the road? Our jobs are stable and we don't intend on having kids.
Me and my wife are currently staying with the in-laws (no kids) and renting out our 5-room Queenstown HDB flat.
Would it be a good idea to sell our 5-room (~$750K) and upgrade to a 2 bedroom condo (~$800 - $900K) located in the OCR region (Punngol, Sengkang, East Coast etc...) near the MRT for better capital appreciation? Would it be a better investment 10 years down the road? Our jobs are stable and we don't intend on having kids.
Yes that wass the tool i used to estimate my maximum loan.
Therefore my next question is, based on this diagram,
why can't the monthly installment be paid off entirely with cpf?
Hi guys. Just exercise my otp by submitting 4k to seller agent. Btw, otp contract is kept by seller agent?