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I like to know the amount of cash I am require to fork out if I am buying a resale flat at valuation amount of $400k.

i) Agent fees, what is the basis and est amount?
ii) COV, please provide an estimation. Are those advertied price inclusive of COV?
iii) Stamp duties?
iv) please advise if any misc fees payable
v) are the above mentioned payable by cash? If i am not able to fork out sufficient cash, am i able to obtain financing? If so, what is the interest rate?

Thank you for your kind attention.
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1 Answer

Mike Lim
Replied
Evening Stefan,

You have being enquiring quite alot of things online, hence you sure is trying to do your personal homework.
1) Agent is based on mutual agreement between the agent and the client. Most agent charge buyers at 1% but I believe in nego with my buyers.
2) The COV component varies, dependent on estate, housing size, level and location. IT can range from $25k to even $150k, in some cases.
3)Stamp fee based on $400k buying price is at $6600, payable by CPF.
4)Other fees would include valuation report, HDB admin, legal fee, etc.
5)Stamp fee and legal fee are payable by CPF. The rest, including COV, and even 5% downpayment(Bank Loan) are to be paid by cash.
If you do not have sufficient cash, you might look into personal loan from financing institue, whose interest rate varies.

Lastly, I believe in getting an agent will help you cut down all the extra work.
Do feel free to contact me, if you require any further assistance.

Mike Lim
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  • SS
    Replied
    Hi Mike,

    The COV and 5% downpayment, I have to pay in cash and are they the only compenents I have to pay in cash? The ageny fees and other fees I can pay by CPF? Am I able to get a bank loan if I cannot fork out? What is the common interest rate offered by financial institutions?

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