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Hi gurus, I need your expertise advice. Currently, i own 4rm HDB flat. Fully paid. I and my wife intent to purchase New FH launching project. As per the project agent, i have to reserve 61K in my CPF. (cannot touch). I am not sure is that RIGHT?? So this 61K is combine or individual?? What is the initial payment % should i make...like deposit/booking fee. What about stamp duty/legal...How much should i get it ready Cash & CPF for purchase??? i need your advice.
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2 Answers

Joanne Kam
Replied
Hi Abdul, please provide answers to the following questions before I can give you proper advice to ensure you do not get yourselves into trouble:

1) How long have you owned the 4 room HDB Flat?

2) Did you buy the HDB Flat direct from HDB?

3) If you have bought the HDB Flat from resale, did you take any grant?

4) The initial booking fee for a newly launched private development is 5% of the purchase price.
You will also need approximately 3% of cash for stamp duty within about 5 weeks from booking fee.
Within 8 weeks from booking fee, you will need 15% of the purchase price in the form of Cash/CPF Ordinary Account combined.
For legal fees, if you are taking a bank loan, this may be subsidized by the bank. You can put aside S$2,500 - S$3,000 if need to.
I can also help you to obtain attractive promotional rates for financing too.

You can contact me directly for assistance to shortlist and select your property that suits your objectives and needs, and most importantly ensure all requirements and finances are in place properly before you commit the first 5%.
Joanne, Group Director, Global
Tel: 8138-6666 
Email: joanne@e-property.sg Read More
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  • AH
    Replied
    Thank so much for your reply.

    1) How long have you owned the 4 room HDB Flat? 12 years.....now i rent-out the unit.

    2) Did you buy the HDB Flat direct from HDB? Yes..

    3) If you have bought the HDB Flat from resale, did you take any grant?..direct as No. 2)

    how to check to confirm that the project agent...61K we cannot use for buying property???...why...is there any rules....need your advice.
John Lai
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