Free Advice/Discussion on Bank Mortgage loan

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0limshs

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Because we still have outstanding loan, we’re unable to fork out 25% cash for downpayment too...
 
bladez87

bladez87

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What is a good estimate for the legal and valuation fees for taking a bank loan?

Thanks. I just received my request for value report and now trying to get a mortgage specialist to call me. Hard to get appointment with them. Thinking which bank package to take up is a headache
 
DealuxTravel

DealuxTravel

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MortgageSingapore said:
ABSD can be refunded if you sell your hdb within 6 months after buying.
Click to expand...

Take note - ABSD remission is allowed if new property is in BOTH parties name , so cannot do decoupling.

If you already have a buyer for your HDB with a signed OTP , the bank will loan you up to 80% even if transaction not completed.
 
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0limshs

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Probably we won’t be looking at decoupling, this is too much loan for us to take... probably looking at a combine income with 60%-70% loan.

But i see some hope on the otp for hdb, so we have to sell hdb and buy condo at the same time... not renting is still possible? Not sure how long it’ll take for a resale condo procedure...
 
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MortgageSingapore

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0limshs said:
Probably we won’t be looking at decoupling, this is too much loan for us to take... probably looking at a combine income with 60%-70% loan.

But i see some hope on the otp for hdb, so we have to sell hdb and buy condo at the same time... not renting is still possible? Not sure how long it’ll take for a resale condo procedure...
Click to expand...

Standard completion takes at least 3 months usually.
Communication between seller and buyer side has to be good in order for a smooth transaction.
 
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kiatme

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dont think you can buy and sell at the same time given your finances - you need to keep a certain amount of CPF (BRS) for your '2nd property' if you're planning to sell and buy at the same time
 
shadey

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Sorry for my n00b questions...

I am looking to buy a resale HDB with my wife...

If my OA account has 160,000 can I use this for the 20% downpayment for resale? Or is it 5% cash then this would be 15%?

Which bank has the best housing loan now?
 
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flashover

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If you opt for bank loan need 5% cash
Hdb can use all your cpf

shadey said:
Sorry for my n00b questions...

I am looking to buy a resale HDB with my wife...

If my OA account has 160,000 can I use this for the 20% downpayment for resale? Or is it 5% cash then this would be 15%?

Which bank has the best housing loan now?
Click to expand...
 
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MortgageSingapore

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shadey said:
Thanks!

Any idea on which bank offers the best mortgage rates now?
Click to expand...

From a personal view, I think OCBC offers a attractive package with their OHR loans which I deem as best mortgage rate in market now.
It works by using the latest past 12 years average of 1 & 3 month SIBOR to derive OHR which stands at 1% currently.
It is pegged to spread of 0.65% for 1st year, 0.7% second year, 0.75 next, followed by 0.8% and thereafter at 0.9% for the rest of tenure.
That means OHR 1% + 0.65 for first year = 1.65%.
 
shadey

shadey

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MortgageSingapore said:
From a personal view, I think OCBC offers a attractive package with their OHR loans which I deem as best mortgage rate in market now.
It works by using the latest past 12 years average of 1 & 3 month SIBOR to derive OHR which stands at 1% currently.
It is pegged to spread of 0.65% for 1st year, 0.7% second year, 0.75 next, followed by 0.8% and thereafter at 0.9% for the rest of tenure.
That means OHR 1% + 0.65 for first year = 1.65%.
Click to expand...

Thank you!! Very nice breakdown
 
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