September 2013 BTO

[devilcup]

ok guys, result no out today. we hope tomorrow comes out!

 

[euchristelle]

1st appointment - Select Unit, process HLE and HDB will decide whether you are entitled to the grant. In additon, pay 2k in cash as option fee (kinda like reserve the unit).

2nd appointment - You would have gotten the grant credited into your respective CPF Ordinary Acct (if applicable). Downpay 5% of the purchase price of the flat under the Staggered Downpayment scheme. Here comes the problem. How much do both of you have in your respective Ordinary Accounts and have you checked whether the grant is enough to cover the 5%?

We are using cash to pay the 2k option fee and also cash for the first 10% downpayment. But I would like to just check if I am able to use my cpf money if I am not 21 years old yet. Haha

 

[euchristelle]

Take note that in order to be eligible for AHG(SHG does not apply in this case since u're taking 5rm), one of the applicants(Not occupier) has to be in continuous employment for the past 12 months prior to launch.

Dont think occupier will be paying for the loan. Nt even by CPF..

But of cos you can do a switch to co-owner once u hit the age..

Yes we are both working for more than a year so we are eligible for AHG. Okay thanks!

 

[euchristelle]

No disrespect to her, but i think its sucidal. Personally to me, although i have been working for the past 4 yrs plus and have enough CPF (up to this point) to make the full 10% payment, i wont consider 5 room.

I reckon 5 rooms are for the higher income earners, which combined income could be around 8 - 10k per se. Im exposed to a job where i have seen many customers still paying their loans even when they are past 55, and believe me, out of 10 homeowners, 8 are easily struggling. You should calculate in a way that you will finish your loan by 55. In fact, if your housing loan can end by 45, its way better.

I am aware of our eligibility for AHG & not SHG. Because my "father in law" die die only want a 5 room flat. And he says to use cash for the downpayments first and use our cpf for later.. We will be using cash for the first 10% downpayments and option fee and only using our cpf to pay for the other 10% when we get the keys. Because by then I would have turned way past 21 and we would have sufficient money in both out cpf to pay for it. Thanks!!

 

[euchristelle]

Both you and your bf working already? If got enough CPF to cover at least 5% plus grant.. then ok lor..

Need to work out the mortgage loan repayment vs your combined income too. If CPF OA contribution ain't enough, need to pay the difference using cash.

Don't mean to be a wet blanket, but prudent financial planning when buying a ppty goes a long way.

Good luck!

Yes I understand and thanks for your advice! We've both worked for more than a year so we're qualified for just the AHG. I'm not worried about the downpayments yet cause my bf's dad is kinda rich and he wants to stay with us so if there's problems with the downpayments he'll settle for us with cash first! But I'm still worried though. I just hope I get a good queue number for now! Couldn't get his parents to be a occupant cause they both has houses under their names & it lessens the chances of getting the flat. But all I can think about now is just a good queue number!!

 

[euchristelle]

22 most likely just finish army? unless he signed on. But then solo CPF also tough on him..

Haha he ORDed for about 2 years already! I don't think he will have to stress at all for the downpayments (lucky for him) cause he has a good backup behind him lol. The only important thing for us now is to get a good queue number! I almost tried for march or may's maltilda bto but we didn't like that area and we've been aiming for waterway since then! I originally wanted a 4 room flat so we could have more grants and of course the house is also cheaper but my bf's dad wants a 5 room with the highest floor... Sucks to be me.

 

[bearine]

I am aware of our eligibility for AHG & not SHG. Because my "father in law" die die only want a 5 room flat. And he says to use cash for the downpayments first and use our cpf for later.. We will be using cash for the first 10% downpayments and option fee and only using our cpf to pay for the other 10% when we get the keys. Because by then I would have turned way past 21 and we would have sufficient money in both out cpf to pay for it. Thanks!!

But for a loan of 350k, mthly instalment is bout 1.5k-1.6k. Combined income need roughly 7k then can use cpf to pay in full. Something to consider. If next time, one not working. Can be quite stressful.

 

[devilcup]

We are using cash to pay the 2k option fee and also cash for the first 10% downpayment. But I would like to just check if I am able to use my cpf money if I am not 21 years old yet. Haha

i think you can do staggered 5% downpayment as you and your bf is under 30 yr old. if you are taking hdb loan that is of cos.

since your bf have work more than 1 yr, i believe he will have cpf too. try to pay the first 5% with his CPF for first downpayment. and then you can do your cpf payment when you getting your key with your bf maybe 3 yr later. dun tell me you not over 21 that time. FYI, loan only start after your collect your key.

 

[euchristelle]

But for a loan of 350k, mthly instalment is bout 1.5k-1.6k. Combined income need roughly 7k then can use cpf to pay in full. Something to consider. If next time, one not working. Can be quite stressful.

Combined income need 7k then can use cpf to pay in full? Sorry I don't understand, means if our combine income never reach 7K cannot use our cpf pay in full? Because we are thinking of using cash to pay for all downpayments, then the money in our cpf to deduct monthly installment in the future.

 

[euchristelle]

i think you can do staggered 5% downpayment as you and your bf is under 30 yr old. if you are taking hdb loan that is of cos.

since your bf have work more than 1 yr, i believe he will have cpf too. try to pay the first 5% with his CPF for first downpayment. and then you can do your cpf payment when you getting your key with your bf maybe 3 yr later. dun tell me you not over 21 that time. FYI, loan only start after your collect your key.

Yes this was exactly what I was thinking and wanted at first.. Until his dad said to pay all downpayment in cash then cpf save to pay for monthly installments in the future. Which I will be over 21 when we collect the key.

 

[Gixxerfied]

Yes this was exactly what I was thinking and wanted at first.. Until his dad said to pay all downpayment in cash then cpf save to pay for monthly installments in the future. Which I will be over 21 when we collect the key.

CPF first before cash.

Like what bearine mention, a loan of 350k for 25 years is $1588/monthly..Can your combined income O/A contribution sustain this kind of payment without topup?

You need to think about this.

Not that i wana be a wet blanket too but i'm sure problem will arise once ur fil pays for the downpayment using his cash.

 

[devilcup]

euchristelle,

instead of paying downpayment with cash, i rather you keep the cash and save for the rainy days. like the rest of the member mention. the loan will be hefty unless you and your htb get a better job. Getting a 5 room is possible but remember that not only loan you need to service. daily expenses to extra items you need to buy,all need money. do your calculation wisely.

 

[euchristelle]

CPF first before cash.

Like what bearine mention, a loan of 350k for 25 years is $1588/monthly..Can your combined income O/A contribution sustain this kind of payment without topup?

You need to think about this.

Not that i wana be a wet blanket too but i'm sure problem will arise once ur fil pays for the downpayment using his cash.

Yes I understand.. But he says otherwise. He said something about if we were to pay by cash first, in the future when we sell away the house we would be able to take back our cash, and if we use cpf to pay, the money will go back into our cpf. But Im not sure which component he is talking about, like for downpayment or stamp fee or whatever.

 

[Gixxerfied]

Yes I understand.. But he says otherwise. He said something about if we were to pay by cash first, in the future when we sell away the house we would be able to take back our cash, and if we use cpf to pay, the money will go back into our cpf. But Im not sure which component he is talking about, like for downpayment or stamp fee or whatever.

Stamp fees wont go back to you.

Flat selling price - existing loan = Amt difference would be calculated in how much is paid using CPF and return back to O/A with interest.Remainder would be to you.

Let's take a look this way.

All paid using CPF, sell off also go into your CPF account but you have ready cash.

Downpayment done with cash, left money in CPF. Want sell in open market is 5 years MOP.. In that 5 years if you need straight cash..You cant go CPF Building and withdraw cash..

Dont mind me asking..What is the rough gauge of your combined income for now?? I like to use present pay package as a guideline for calculation. Anything more is a bonus.

 

[kohkindachi]

Hi sorry guys, when will the result be out? And where can we check? Thanks

 

[Gixxerfied]

Hi sorry guys, when will the result be out? And where can we check? Thanks

Should be within this week, probably friday..

 

[pumkim]

need some advice@ I currently own a resale flat probably can sell for 400k. bought at 220 with 30k grant and balance with cpf. outstanding now 120k.and had apply for a bto 5 room about 400k. if I am successful in ballot how does the contra works? I only left 10k in cpf for downpayment. I am also a undischarge bankrupt. how much cash must I fork out?

 

[wilfred]

Yes I understand.. But he says otherwise. He said something about if we were to pay by cash first, in the future when we sell away the house we would be able to take back our cash, and if we use cpf to pay, the money will go back into our cpf. But Im not sure which component he is talking about, like for downpayment or stamp fee or whatever.

Actually deposit must be paid in cpf first, unless you locked the cpf $ by investment. Basically you can only use $ if u have emptied the cpf. You may request to leave small amount of few thousand $ in cpf OA at the officer discretion. You are right to a certain extend that if got extra $, use cash better than cpf as the accrued interest to be put back to cpf can be very substantial after years.




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[teerance85]

Actually deposit must be paid in cpf first, unless you locked the cpf $ by investment. Basically you can only use $ if u have emptied the cpf. You may request to leave small amount of few thousand $ in cpf OA at the officer discretion. You are right to a certain extend that if got extra $, use cash better than cpf as the accrued interest to be put back to cpf can be very substantial after years.





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But let's not forget that even if the accrued interest goes back to your account after selling your existing property, you can re-use your entire CPF (together with the accrued interest) that your originally put back for your next purchase.

So it still boils down to the same thing.

 

[wilfred]

need some advice@ I currently own a resale flat probably can sell for 400k. bought at 220 with 30k grant and balance with cpf. outstanding now 120k.and had apply for a bto 5 room about 400k. if I am successful in ballot how does the contra works? I only left 10k in cpf for downpayment. I am also a undischarge bankrupt. how much cash must I fork out?

You are selling at 400k so I assume it's a 3 room flat fully paid? You need to pay resale levy $30k. outstanding of 120k u refer to balance in your cpf? Assume you cannot take loan from hdb and bank? you get total of $250k total to be put back to cpf and cash which u can use to pay for new flat. u still need another $30k cash. correct me if I interpreted your question wrongly.




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