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Hi, I am getting a bank loan to purchase a resale HDB flat. I am worried of the hidden cash payments that are involved. Can you help idenitfy all items that require cash payment? i.e.
- deposit (up to $5k)
- initial payment to HDB (5% cash)
- Valuation Fees ?
- Resale Application Fees ?
- Legal Fees ?
- Insurance ?
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1 Answer

Mike Lim
Replied
Afternoon,

First of all, your salesperson should have assisted you accordingly, in reference to the financial saps prior the purchase.
Secondly, if you DIY your purchase, the banker would also have advice you accordingly, based on your enquires.
Lastly, I can only advise based on my basic understanding as I would not know the details of your financial status:

1) Valuation cost: $192
2) HDB admin fee: $80
3) COV which would include your Option Exercise fee
4) 5% cash deposit if you managed to obtain 80% loan
5) Legal fee: ranging from $2300 to $3500
6) cash top up if your CPF is unable to cover the 15% or loan amount is insufficient to cover the principle cost
7) Mortgage protection and fire insurance cost
8) Upgrading cost and misc

FYI
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More
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  • MY
    Replied
    Thanks Mike Lim. Can i confirm all those are to be paid in cash?

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