May BTO 2012

[p0is0n]

During your appointment, you are required to bring the necessary documents and should you decide to choose a flat, you are required to pay up front a sum of $2000. A few weeks later, they will ask you to come down again and pay a down payment of 5% of your total flat amount, which is payable either by cash, CPF or both. At the same time, they will inform you of the refund of the $2000 which will be processed within the next few weeks.

down payment should be 10% right? based on hdb loan... i know bank loan need to pay 20% down payment.

 

[kendoarts]

down payment should be 10% right? based on hdb loan... i know bank loan need to pay 20% down payment.

It's 5% now, and another 5% when you collect the keys if I am not wrong

 

[p0is0n]

It's 5% now, and another 5% when you collect the keys if I am not wrong

Downpayment of purchase price
HDB flats
If you are taking a housing loan from HDB or if you are not taking any loan, you have to pay 10% of the purchase price of the flat as downpayment. You can use your CPF savings to make the downpayment. If your CPF savings are not enough, you will have to pay the balance in cash.

Above info extracted directly from HDB InfoWEB: Planning Your Finances : Buying A New Flat

unless they didn't update the website... oh, few weeks back, the hdb guy we asked, also mentioned 10% for down payment, the rest of the 90% is after getting the BTO... correct me if im wrong..

 

[kendoarts]

Downpayment of purchase price
HDB flats
If you are taking a housing loan from HDB or if you are not taking any loan, you have to pay 10% of the purchase price of the flat as downpayment. You can use your CPF savings to make the downpayment. If your CPF savings are not enough, you will have to pay the balance in cash.

Above info extracted directly from HDB InfoWEB: Planning Your Finances : Buying A New Flat

unless they didn't update the website... oh, few weeks back, the hdb guy we asked, also mentioned 10% for down payment, the rest of the 90% is after getting the BTO... correct me if im wrong..

How can that be. Perhaps they have this option. I just paid 5% of the total downpayment for my BTO few months back. And it is clearly stated that the amount is actually 5%, nothing more, nothing less. Unless HDB is out to cheat me.

LOL!

 

[p0is0n]

How can that be. Perhaps they have this option. I just paid 5% of the total downpayment for my BTO few months back. And it is clearly stated that the amount is actually 5%, nothing more, nothing less. Unless HDB is out to cheat me.

LOL!

ok from the same website, saw this:

20% of purchase price
5% of purchase price in cash
balance 15% pay with your CPF Savings or cash

this is if u take bank loan... so, u took bank loan? or u forgot another 15% is paid by your cpf?


so assuming u just paid 5% for downpayment, u still got 95% to pay... how much u need to pay per month ar? and for how many years?

 

[logicet]

The 5% downpayment is the staggered scheme. Applicable only for couples where one of them is 30 and below.

 

[kendoarts]

ok from the same website, saw this:

20% of purchase price
5% of purchase price in cash
balance 15% pay with your CPF Savings or cash

this is if u take bank loan... so, u took bank loan? or u forgot another 15% is paid by your cpf?


so assuming u just paid 5% for downpayment, u still got 95% to pay... how much u need to pay per month ar? and for how many years?

I applied for HDB loan - HLE. The balance payment after that 10% is taken in total will depend on me and my wife's combined income then.

 

[p0is0n]

I applied for HDB loan - HLE. The balance payment after that 10% is taken in total will depend on me and my wife's combined income then.

i asked the hdb guy, he said that some ppl may be able to get loan for the full 90% (the remaining 90% after down payment)..

so i have this question is, if i only get like 50% loan, remaining 40% i need to pay by cpf/ cash every month, right? or got to pay the 40% 1 whole shot?
the 50% loan i need to pay back to hdb every month with the 2.6%, right?

 

[kendoarts]

i asked the hdb guy, he said that some ppl may be able to get loan for the full 90% (the remaining 90% after down payment)..

so i have this question is, if i only get like 50% loan, remaining 40% i need to pay by cpf/ cash every month, right? or got to pay the 40% 1 whole shot?
the 50% loan i need to pay back to hdb every month with the 2.6%, right?

The loan is a lump sum. Let's say for example ur flat cost you 200,000. The loan given to you is 100,000k (50%). Then the interest of the loan will apply on the 100k. Depending on how much you want to spread your payment of your flat for. Assuming you are going to pay for 20 years.

It will be 200,000 over 20 years,making it 10,000 per year, 833.33 per month. Each month, half of that is loan, so it will be as follows:-
416.66 (CPF) + Interest + 416.66 (CPF or Cash)

I hope I am correct on the above. It is based on my understanding and might not be 100% accurate.

 

[p0is0n]

oic... like that might as well dun get loan? since need to pay 2.6%... might as well just pay the 833.33 every month from cpf/cash?

 

[spurman]

Err. Poison. U pay every month means monthly installment, means u take loan... Means u still borrow.. If u dub need to make any monthly payment, means u buy in full cash. Got it?

 

[logicet]

Actually if you cannot get the full loan, the remainder is a lump sum payment one shot by either CPF or cash I think. I don't think there is an option to pay monthly cause its not installment based.

The idea of paying monthly is because u are returning a loan to HDB, much like when u loan money to buy a car from the bank. If you don't have the loan, you will need to pay up front everything in cash.

Better to clarify with HDB about this though. This is what I presume when they say 'balance of purchase price' during collection of keys.

 

[p0is0n]

Err. Poison. U pay every month means monthly installment, means u take loan... Means u still borrow.. If u dub need to make any monthly payment, means u buy in full cash. Got it?

this is the confusing part, you see, if i can only get 40% loan, every month im paying back hdb the 40% loan + 2.6% interest.. the rest of the 60% how? 1 lump sum payable upon collecting the key? if not, also pay every month but without the interest?

the thing is, they may not loan you the 100%, which means, if they only loan u 10%, the rest of the 90% u got to pay from your own pocket or cpf.. what if u dun have that amount?

 

[drumstick]

this is the confusing part, you see, if i can only get 40% loan, every month im paying back hdb the 40% loan + 2.6% interest.. the rest of the 60% how? 1 lump sum payable upon collecting the key? if not, also pay every month but without the interest?

the thing is, they may not loan you the 100%, which means, if they only loan u 10%, the rest of the 90% u got to pay from your own pocket or cpf.. what if u dun have that amount?

if u are only able to loan 40% loan, then u have to pay the remaining 60% in 1 lump sum by cash or cpf (subject to certain conditions such as min sum in OA).

if u r unable to have the lump-sum amount, then u cannot complete the purchase.

 

[acetylcholine]

this is the confusing part, you see, if i can only get 40% loan, every month im paying back hdb the 40% loan + 2.6% interest.. the rest of the 60% how? 1 lump sum payable upon collecting the key? if not, also pay every month but without the interest?

the thing is, they may not loan you the 100%, which means, if they only loan u 10%, the rest of the 90% u got to pay from your own pocket or cpf.. what if u dun have that amount?

The monthly repayment corresponds to the housing loan. If the loan only covers 40% of the price, you have to pay 60% upfront upon collection of the keys to your flat. This is a lump sum payment and there is no option to pay every month without interest.

If you don't have that amount, that simply means you are buying beyond your means (since you have neither the requisite salary to obtain a higher loan quantum nor spare cash/CPF to make a lump sum payment). The only way is to select a lower priced unit such that:

(Loan Amount - based on your salary) + (Lump Sum Payment - based on how much cash/CPF you have on hand) + (Any Housing Grants such as AHG) = Price of the House

Hope this helps!

 

[p0is0n]

if u are only able to loan 40% loan, then u have to pay the remaining 60% in 1 lump sum by cash or cpf (subject to certain conditions such as min sum in OA).

if u r unable to have the lump-sum amount, then u cannot complete the purchase.

oic... this makes sense...oh crap..for my family, we only can get a lump sum of $ after we sell our current house, which we need to buy the bto successfully first.. hopefully can loan more....

 

[p0is0n]

The monthly repayment corresponds to the housing loan. If the loan only covers 40% of the price, you have to pay 60% upfront upon collection of the keys to your flat. This is a lump sum payment and there is no option to pay every month without interest.

If you don't have that amount, that simply means you are buying beyond your means (since you have neither the requisite salary to obtain a higher loan quantum nor spare cash/CPF to make a lump sum payment). The only way is to select a lower priced unit such that:

(Loan Amount - based on your salary) + (Lump Sum Payment - based on how much cash/CPF you have on hand) + (Any Housing Grants such as AHG) = Price of the House

Hope this helps!

what if i have a house now that im going to sell to fund the new bto? of coz, i need to buy the bto first before i can sell the current house... though no cash and low cpf, but i do have a property as my fund....

 

[misspotato]

what if i have a house now that im going to sell to fund the new bto? of coz, i need to buy the bto first before i can sell the current house... though no cash and low cpf, but i do have a property as my fund....

if you want to collect the keys for your bto, you have to either have a loan or made payment. You can google for more info, I googled and this is what I found: Can I collect keys to BTO flat before the sale of my current flat to use the sales proceeds to pay for the new BTO flat without taking a loan | PropertyGuru - Singapore's Leading Property Site

 

[0rangey]

Hi, I would like to check.. the CPF website state that for the grants, there's Average Monthly Household Income. This Average Monthly Household Income is the wages of 2 pax or 1 person? kinda confuse.

 

[p0is0n]

Hi, I would like to check.. the CPF website state that for the grants, there's Average Monthly Household Income. This Average Monthly Household Income is the wages of 2 pax or 1 person? kinda confuse.

Entire household member