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Thread: need advise - upgrade to condo 101

  1. #6
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    Quote Originally Posted by hkching
    If that's the case, then you need to sell your place first before committing to buy. Selling HDB (after buyer exercise option) will take 6-10 weeks minimally. The cash portion for the sale proceed will be given to you at the 2nd appointment, which is at the end of the transaction.

    For buying, here's the outlay.
    1% Cash booking fee - when u agree to buy and set the buying price
    4% Cash - When buyer exercise option
    Stamp fee (cash) - within 1 month of buyer exercise option.
    15% Cash or CPF / remaining with bank loan - When completing transaction

    You may want to consider bridging loan. Again to apply, you need to show the bank that you already sold your HDB flat (by producing the sales agreement).
    stamp fee can be CPF, correct?

  2. #7
    Junior

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    Heard bridging loan has higher interest rate? Is it really necessary? Why can't he just take a normal bank loan and do partial pre-payment (normally free) once he receives the HDB proceed. What is the advantage of bridging loan?

  3. #8
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    Quote Originally Posted by jonleelk
    stamp fee can be CPF, correct?
    Stamp fee can be CPF but u have to pay cash first then get reimbursed from your CPF

  4. #9
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    So if I am not able to sell my HDB earlier, I should have about 8% (1%+4%+3% stamp fee) cash readily? Can someone tell me how to calculate the "cash" I may take back from selling my HDB? or a spreadsheet?

    Is it, HDB Sold Transaction Price - CPF Used & Interest - Outstanding Loan = Take Back Cash?

    Quote Originally Posted by hkching
    If that's the case, then you need to sell your place first before committing to buy. Selling HDB (after buyer exercise option) will take 6-10 weeks minimally. The cash portion for the sale proceed will be given to you at the 2nd appointment, which is at the end of the transaction.

    For buying, here's the outlay.
    1% Cash booking fee - when u agree to buy and set the buying price
    4% Cash - When buyer exercise option
    Stamp fee (cash) - within 1 month of buyer exercise option.
    15% Cash or CPF / remaining with bank loan - When completing transaction

    You may want to consider bridging loan. Again to apply, you need to show the bank that you already sold your HDB flat (by producing the sales agreement).

  5. #10
    OCR properties going to crash!

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    Go to www.cpf.gov.sg website, login using your Singpass, and inside there you can find the amount you need to return to CPF under "CPF used for property". Be careful and don't assume this amount hor.
    Yap, Take Back Cash = HDB Sold Transaction Price - CPF Used & Interest - Outstanding Loan - legal fees

    Quote Originally Posted by coral
    So if I am not able to sell my HDB earlier, I should have about 8% (1%+4%+3% stamp fee) cash readily? Can someone tell me how to calculate the "cash" I may take back from selling my HDB? or a spreadsheet?

    Is it, HDB Sold Transaction Price - CPF Used & Interest - Outstanding Loan = Take Back Cash?

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