Asked by Anonymous
Nov 2022 BTO with purchase price around $520k. Completion Q1 2027.
My partner and I do not qualify (and failed the appeal) for EHG for the first downpayment due to not meeting the one year employment requirement. Using staggered downpayment and deferred income assessment, first downpayment will need cash of around $5k even after wiping out CPF. The second downpayment will be 15%, amounting to about $80k. By our calculations, we will still need cash of around $50k after wiping out CPF (again) and applying EHG.
The question is, should we proceed with this BTO or look towards a 4rm resale instead? If going with the resale, assuming staying near parents, there is a sizable grant of $105k (Family grant - $80000, EHG - $5000, Proximity grant - $20000) to cover the downpayment. This allows us to buy a flat worth around $525k without using any cash or CPF and we can also redirect this to other costs like renovation, wedding, etc. Not to mention we move into our house ASAP.
What do you think?
My partner and I do not qualify (and failed the appeal) for EHG for the first downpayment due to not meeting the one year employment requirement. Using staggered downpayment and deferred income assessment, first downpayment will need cash of around $5k even after wiping out CPF. The second downpayment will be 15%, amounting to about $80k. By our calculations, we will still need cash of around $50k after wiping out CPF (again) and applying EHG.
The question is, should we proceed with this BTO or look towards a 4rm resale instead? If going with the resale, assuming staying near parents, there is a sizable grant of $105k (Family grant - $80000, EHG - $5000, Proximity grant - $20000) to cover the downpayment. This allows us to buy a flat worth around $525k without using any cash or CPF and we can also redirect this to other costs like renovation, wedding, etc. Not to mention we move into our house ASAP.
What do you think?
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