Sep 2012 BTO

[Artie]

Not sure which thread to voice out my queries on these issues but nevertheless, would appreciate if any kind soul is able to advise me on these

1. What is the avg combined cpf should a couple have before deciding to get a new flat?

1) First, one should decide if the combine CPF is enough for the down payment. Try not to overstretch yourself. Calculate the monthly payment for your housing loan. Rule of thumb is it should not exceed your CPF contribution as any excess will need to top-up by cash.

2. Will getting a new flat adversely affect one in getting a study loan? Because I understand that study loans will be deducted/paid via cash not cpf.

2) If you are taking housing loan from the bank, it may affect you for taking study loan from the bank. You may need to check with the bank in regards to this.

3. I understand that the option fees $2k for 4-room flat will be reimbursed if there are enough cpf savings to pay to first 5% downpayment, is this correct? Also, when and where will they reimburse it to? Bank/cpf?

3) Option fee is pay by cash/NETS. They will reimburse back to your bank account after you sign the lease of agreement. You can also have the option of using the option fee to offset your downpayment if you do not have enough in your CPF.

4. How do we calculate the stamp fees and legal fees? Is it 1 to 4% of the purchase price? Also, can we use cpf to pay off these misc fees?

4) You can refer to HDB site to calculate the stamp fee and legal fees. Stamp fee is calculate based on 1% for the first 180K, 2% for the next 180K and 3% for the rest. You can use CPF to pay for this fee. Take note that AHG cannot be used to pay for stamp and legal fees.

5. Is it easy to qualify for the AHG grant? They will take into acct the preceding 12 months of joined income e.g. Sept 2011 to Sept 2012 and not on the date of selection which might be jan 2013 (median date) right?

5) AHG grant is based on your past 12 months income on the day you apply for it. You can apply for it on the day you book your unit. The CSO will be able to assist you with the application.

6. Also, I understand that there are consequences with regards to the penalties one must face if they take the AHG grant and then decide to downgrade, thus having to pay up to 30k to 40k? Can anyone verify this?

6) When you took the AHG grant and decide to forfeit the unit, you will be required to pay back the grant with interest. When you decide to sell your flat after MOP, AHG will not affect the resale levy you need to pay.

7. Anyone with expertise can predict the purchase price of the Tampines GreenLace 4-room flat mid-level / 16 floors?

7) Based on the estimated price in the website, it should be about 70%-90% of the top floor unit in the same block, depending whether it 5th to 10th floor. This is just rough estimation.

 

[KopRulez]

Whats the reason for giving up your March SOB?

Only 2nd & 3rd floor available for selection.

I will got for it if there is 4th flr for selection.

 

[KopRulez]

I can say u 100% got a unit there.. nw u have to pray for good que number for better choice of unit ..

Haha.... I really hope so and wish I'm within the 1st -200th Q no.

This time round will not give up unless out of the 308 Q number or only 2nd/3rd flr by the time I go select.

My dream flr is 16th storey.

hi keithster

what info will the blog provide when subscribe ? me eyeing on AMK bto sept

current only 1st letter from hdb that i category in 1st timer group..

I also received this letter on friday.

 

[suzuka88]

so 1st batch selection normally start from low floor ?

 

[suzuka88]

I had similar sentiments when I visited the site over the weekend. The old blocks located right to the south of CSC are very old and even their lift has not been upgraded (it does not stop on every floor). Maybe someone who lives there can give us a heads up on whether that cluster has been selected for any upgrading programme (whether lift or main etc.).

Went back to check on the HDB website and the lease for those blocks commenced back in 1979. So that makes them about 33 years old...those who are intending to select units facing the south might want to take this into consideration. Hope this helps!

the old flat now upgrading lift went to survey the site liao

 

[shootingstar88]

1) First, one should decide if the combine CPF is enough for the down payment. Try not to overstretch yourself. Calculate the monthly payment for your housing loan. Rule of thumb is it should not exceed your CPF contribution as any excess will need to top-up by cash.



2) If you are taking housing loan from the bank, it may affect you for taking study loan from the bank. You may need to check with the bank in regards to this.



3) Option fee is pay by cash/NETS. They will reimburse back to your bank account after you sign the lease of agreement. You can also have the option of using the option fee to offset your downpayment if you do not have enough in your CPF.



4) You can refer to HDB site to calculate the stamp fee and legal fees. Stamp fee is calculate based on 1% for the first 180K, 2% for the next 180K and 3% for the rest. You can use CPF to pay for this fee. Take note that AHG cannot be used to pay for stamp and legal fees.



5) AHG grant is based on your past 12 months income on the day you apply for it. You can apply for it on the day you book your unit. The CSO will be able to assist you with the application.



6) When you took the AHG grant and decide to forfeit the unit, you will be required to pay back the grant with interest. When you decide to sell your flat after MOP, AHG will not affect the resale levy you need to pay.



7) Based on the estimated price in the website, it should be about 70%-90% of the top floor unit in the same block, depending whether it 5th to 10th floor. This is just rough estimation.

Thanks alot!

On monthly housing loan repayment, how do I calculate it at this point of time when I do not have the exact price of the house? Am not too sure how many years to repay would be good as well.

On housing loan, we are deciding to get it from HDB, so does this mean it wouldn't affect getting a study loan as well as repaying it via cash?

On AHG grant, because I had a salary increment recently and my bf will be changing job next year to a better paying job, I'm afraid that they might then take into acct the new salaries instead, and hence won't be able to get the grant.

Thanks alot once again!

 

[shootingstar88]

I'm just wondering if HDB does take into consideration the marital status of the parents under the Married Child Priority Scheme, i.e. will a widowed status stand a higher chance than those who applied under the MCPS too?

 

[Artie]

Thanks alot!

On monthly housing loan repayment, how do I calculate it at this point of time when I do not have the exact price of the house? Am not too sure how many years to repay would be good as well.

1) You can estimated the amount you need to loan based on taking a maximum of 90% of the flat price in HDB loan in wost case scenario. Usually, your current OA in your CPF should be able to pay more than 10% which include the downpayment. Loan period can be up to 30 years for HDB loan. Generally, longer loan period would lead to lower monthly installment while incur more interest over the years. Shorter period would lead to higher monthly installment while incur less interest over the years. So have to weight the pros and cons

On housing loan, we are deciding to get it from HDB, so does this mean it wouldn't affect getting a study loan as well as repaying it via cash?

2) It will depend on the Bank. If you are able to repay your study loan before your housing loan kick in, it should not be a problem.

On AHG grant, because I had a salary increment recently and my bf will be changing job next year to a better paying job, I'm afraid that they might then take into acct the new salaries instead, and hence won't be able to get the grant.

Thanks alot once again!

3) AHG will take into account on the day you apply for it. It require your past 12 months salary slips. So if you apply now, it will be the past 12 months from this month.

I'm just wondering if HDB does take into consideration the marital status of the parents under the Married Child Priority Scheme, i.e. will a widowed status stand a higher chance than those who applied under the MCPS too?

4) Personal view is that it should not affect the chance since the parent already has a flat. Anyone under the same scheme will have equal chance, unless otherwise stated by HDB.

 

[Kevin10]

Haha.... I really hope so and wish I'm within the 1st -200th Q no.

This time round will not give up unless out of the 308 Q number or only 2nd/3rd flr by the time I go select.

My dream flr is 16th storey.

haha.. No need to hope, its confirmed from what I see from the ratio for first timers. Unless u suay suay ganna ethnic quota.

Now just pray for good que number.. I got mine in the middle the last time round..hehe. 77 out of 156 units & now I am happily a 3rm owner of Clementi Ridges..=)

 

[Barrudas]

It's anybody's guess! Haha.. I think it may be on 19 Oct Fri. But that's just my guess only. I hope it will be out ASAP.

Frustrating when they stated mid october and not a specific date where applicants have to keep guessing and waiting.

 

[n3my666]

Frustrating when they stated mid october and not a specific date where applicants have to keep guessing and waiting.

Think everybody that applied for it has to go through the same thing!
you are not alone!

 

[KopRulez]

haha.. No need to hope, its confirmed from what I see from the ratio for first timers. Unless u suay suay ganna ethnic quota.

Now just pray for good que number.. I got mine in the middle the last time round..hehe. 77 out of 156 units & now I am happily a 3rm owner of Clementi Ridges..=)

Gxgx wor...

How much you bought your 3rm?

 

[Kevin10]

Gxgx wor...

How much you bought your 3rm?

353K ...

 

[KopRulez]

353K ...

Wow... high flr?

I reckon mine is abt 300k-320k if I choose a 16th flr.

 

[Kevin10]

Wow... high flr?

I reckon mine is abt 300k-320k if I choose a 16th flr.

Sad to say..nope.. 9th floor..

 

[KopRulez]

Sad to say..nope.. 9th floor..

Good enough mah... keke.

长长久久。。。。。。

 

[Kevin10]

Good enough mah... keke.

长长久久。。。。。。

hahah.. but ok lah..at least no need to ballot anymore.. tired of balloting thus we decided to go for 3rm when we see the ratio for first timers is in our favour..

 

[KopRulez]

hahah.. but ok lah..at least no need to ballot anymore.. tired of balloting thus we decided to go for 3rm when we see the ratio for first timers is in our favour..

Ya true... this time round both my missus and myself agree for a 3-rm instead of 4-rm BTO. Cos not much difference except 1 extra room and slightly bigger living room if I'm not wrong.

But I consider our next move a "downgrade" as my current 3-rm NG upgraded got an extra room (total 2 bedrooms & 1 unity room)

 

[Kevin10]

Ya true... this time round both my missus and myself agree for a 3-rm instead of 4-rm BTO. Cos not much difference except 1 extra room and slightly bigger living room if I'm not wrong.

But I consider our next move a "downgrade" as my current 3-rm NG upgraded got an extra room (total 2 bedrooms & 1 unity room)

Our plan was to get this 3rm first, next time if wanna upgrade den we upgrade.

 

[3G SAINT]

Our plan was to get this 3rm first, next time if wanna upgrade den we upgrade.

Next time no chance liao...
More population mean hard to get and high price
I have said you can afford 4rm