Need help on how to pay a 2 room flexi BTO

[Nefalrin]

I intend to buy a 2 room flexi BTO as a Single for a price of $110,000

I intend to use all my CPF OA of $40,000 and the rest of $70,000 with cash to purchase it.

My question is how do I go about telling the HDB officer that I want to pay half with CPF and half with cash ? or is this even possible ?

 

[Nefalrin]

I intend to buy a two room flexi BTO as a Single for a price of about $110,000

I intend to use all my CPF OA of $40,000 and the rest of $70,000 with cash to purchase it.

My question is how do I go about telling the HDB officer that I want to pay half with CPF and half with cash ?
Or is this even possible for a 2 room flexi bto ?

 

[fr33d0m]

Why not take HDB loan and put the cash to T-Bill?

HDB loan rate is 2.6 now and T-Bill are 4 and above.

 

[Nefalrin]

2 room flexi must do full payment and cannot take loans

 

[fr33d0m]

Financing
Mortgage loan is granted only to 99-year lease 2-room Flexi flat (or remaining lease
term of a 99-year lease).
Before exercising the Option to Purchase, the applicants must have:
(a) a valid HDB Loan Eligibility Letter if they are taking an HDB loan to finance the
purchase of the flat; or
(b) a valid Letter of Offer from a bank/ financial institution if they are financing the flat
purchase with a loan from the bank/ financial institution; or
(c) documentary proof acceptable to HDB that the applicants have the financial
means to buy the flat without taking an HDB loan or a loan from a bank/financial
institution.

99-year 2-room flexi can take HDB loan.

are you buying a short lease one?

 

[Nefalrin]

99-year 2-room flexi can take HDB loan.

are you buying a short lease one?

No I am 40 years old. Will buy a 99 year, 2 room flexi.

I got further question not sure if you know the answer.

If I buy a 99 year lease 2 room flexi BTO at a price of $110,000.
Can this type of HDB be pledged for CPF BRS ?

 

[qhong61]

No I am 40 years old. Will buy a 99 year, 2 room flexi.

I got further question not sure if you know the answer.

If I buy a 99 year lease 2 room flexi BTO at a price of $110,000.
Can this type of HDB be pledged for CPF BRS ?

Yes

 

[Nefalrin]

Yes

You know how the pledge works for Basic retirement sum ?

After 15 years later if my basic retirement sum is $200,000 then this kind of flat confirm will go up in value to be able to meet the pledge ?

 

[qhong61]

You know how the pledge works for Basic retirement sum ?

After 15 years later if my basic retirement sum is $200,000 then this kind of flat confirm will go up in value to be able to meet the pledge ?

Should be enough.

 

[farmerjlo]

I intend to buy a two room flexi BTO as a Single for a price of about $110,000

I intend to use all my CPF OA of $40,000 and the rest of $70,000 with cash to purchase it.

My question is how do I go about telling the HDB officer that I want to pay half with CPF and half with cash ?
Or is this even possible for a 2 room flexi bto ?

can pay with cpf and cash. the hdb officer will let u sign a form when u head down for first appt. will indicate cash, cpf or both.

 

[Braun8]

I intend to buy a 2 room flexi BTO as a Single for a price of $110,000

I intend to use all my CPF OA of $40,000 and the rest of $70,000 with cash to purchase it.

My question is how do I go about telling the HDB officer that I want to pay half with CPF and half with cash ? or is this even possible ?

Did you indicate that you are not taking a loan in your BTO application?

You payment plan should be possible. You definitely need to ask the HDB officer and put your payment plan in the contract.

As my CPF is not enough, I had also paid the balance with cash to HDB when I bought my BTO many years ago.

 

[page||]

I intend to buy a 2 room flexi BTO as a Single for a price of $110,000

I intend to use all my CPF OA of $40,000 and the rest of $70,000 with cash to purchase it.

My question is how do I go about telling the HDB officer that I want to pay half with CPF and half with cash ? or is this even possible ?

Open your mouth and inform the hdb officer in person or through email!!!???..

 

[fr33d0m]

No I am 40 years old. Will buy a 99 year, 2 room flexi.

I got further question not sure if you know the answer.

If I buy a 99 year lease 2 room flexi BTO at a price of $110,000.
Can this type of HDB be pledged for CPF BRS ?

The first question will be what you want to achieve via property pledge? To withdraw CPF above BRS?

 

[qhong61]

The first question will be what you want to achieve via property pledge? To withdraw CPF above BRS?

Best dont withdraw

 

[CPTMiller]

I intend to buy a two room flexi BTO as a Single for a price of about $110,000

I intend to use all my CPF OA of $40,000 and the rest of $70,000 with cash to purchase it.

My question is how do I go about telling the HDB officer that I want to pay half with CPF and half with cash ?
Or is this even possible for a 2 room flexi bto ?

Did you meet the requirement first to even apply a 2 room bto??

 

[BBCWatcher]

Here's how the math would approximately work with a HDB loan:

Purchase Price = $110,000
Down Payment (80%) = $22,000 (80%)
CPF OA Before Down Payment = $40,000
CPF OA After Down Payment = $18,000
Monthly Payment ($88,000, 2.6%, 25 years) = $399.23
Number of Months $18,000 Could Pay Loan = 45 (almost 4 years)

With even T-Bills yielding 4.0% p.a. you definitely don't want to skip taking the HDB loan offer at 2.6% if available to you. It's financially sensible to take as much of the HDB loan ($88,000) as allowed for as long as allowed (25 years in this example, which is probably correct if you're age 40).

The annual premium for the Home Protection Scheme in this example should be $128.22, and some of that will probably be rebated eventually. That's fine. If you happen to die too early then the HPS will pay off the remainder of the HDB loan and someone (your heirs) will win a free house AND your $70,000 of cash and $18,000 of OA, plus interest. If you don't take the loan then in this event your heirs will still win a free house but won't win your $70,000 of cash and $18,000 of OA, plus interest. In other words they'd be $88,000 poorer if you happen to die the day after you pick up the keys to your flat.

 

[1982-1994]

I intend to buy a 2 room flexi BTO as a Single for a price of $110,000

I intend to use all my CPF OA of $40,000 and the rest of $70,000 with cash to purchase it.

My question is how do I go about telling the HDB officer that I want to pay half with CPF and half with cash ? or is this even possible ?

The staff will ask you since your OA is not enough to purchase
And please no cash,you have to do cashier's order at the bank

 

[BBCWatcher]

And please no cash,you have to do cashier's order at the bank

...But don't, not if you can get a HDB loan. It's financially absurd to pay cash if you can borrow at 2.6% when even T-bills are yielding 4.0%. Enjoy the free money if it's on offer.