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Thread: HDB Grant and Loan

  1. #1
    Join Date
    Sep 2009
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    103

    Default HDB Grant and Loan

    wanna clarify something, when will hdb determine if you can take up the hdb loan and grant? upon application, Upon flat selection, or when taking over the keys? If my pay increase after my application and it is over $4k, am i still allowed to take the grant? not so sure in HDB matters. Hope someone can guide me.

    thx

  2. #2
    Join Date
    Dec 2008
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    258

    Default

    Quote Originally Posted by ashmakton View Post
    wanna clarify something, when will hdb determine if you can take up the hdb loan and grant? upon application, Upon flat selection, or when taking over the keys? If my pay increase after my application and it is over $4k, am i still allowed to take the grant? not so sure in HDB matters. Hope someone can guide me.

    thx
    i think it sure be upon application logically speaking. you can actually called up HDB to check. it best this way.

  3. #3
    Join Date
    Sep 2009
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    103

    Default

    i'd probably do that anit. thx for the response. ur online really early =).

    was hoping that there would be someone who has experienced my situation to give some light for me before i make the next move too

  4. #4
    Join Date
    Dec 2008
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    258

    Default

    Quote Originally Posted by ashmakton View Post
    i'd probably do that anit. thx for the response. ur online really early =).

    was hoping that there would be someone who has experienced my situation to give some light for me before i make the next move too
    hehe, depends lar. just happen that that morning i'm in office early.

    sorry can't be of much help.

  5. #5
    Join Date
    Sep 2009
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    103

    Default

    dont worry about it anit, its the thought that counts. just as long as someone responses, im already happy.

    thx anyways

  6. #6
    Join Date
    Sep 2009
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    68

    Default

    wanna know how much cash upfront is needed for a new hdb, resale hdb etc? or a condo, price range quotes welcome. breakdown of costs welcome . i'm always puzzled by the rebates, if can be used to offset upfront cash or later during repayments. cash over valuation and stamp duties are puzzling me too

    any one / experts able to help . I dun want to end up buying a house begging pple for cash or having no renovation in the end due to cash problems.

  7. #7
    Join Date
    Sep 2009
    Posts
    120

    Default

    Quote Originally Posted by routristan View Post
    wanna know how much cash upfront is needed for a new hdb, resale hdb etc? or a condo, price range quotes welcome. breakdown of costs welcome . i'm always puzzled by the rebates, if can be used to offset upfront cash or later during repayments. cash over valuation and stamp duties are puzzling me too

    any one / experts able to help . I dun want to end up buying a house begging pple for cash or having no renovation in the end due to cash problems.
    just how much cash upfront is needed for a new hdb, resale hdb etc? Depends on the cash above valuation, and whether you are taking bank loan or HDB loan

    Example:
    Eligible for New Flat from HDB, Eligible for HDB loan. Purchase price 200k.

    Minimum Downpayment = 10% of purchase price
    =10% x 200k = 20k (Can be paid fully using CPF)

    Maximum loan amount = 90% of purchase price = 90% x 200k = 180k

    Stamp fees payable to government (pls use below formula)
    1st 180,000 = 1% of 180,000 = $1,800
    2nd 180,000 = 2% of amount/180,000 = $3,600
    Any amount above 360,000 = 3% of amount

    Stamp fee For this case
    (Price of 200k) = 1,800 + (20,000 x 2%) = $2,200
    (Can be paid fully using CPF)

    Above example is the same for HDB resale flat at valuation and taking HDB loan
    Please note that HDB resale fact usually include a component call the CASH ABOVE VALUATION (COV).

  8. #8
    Join Date
    Dec 2008
    Posts
    258

    Default

    wow woww wooww.... this is good. thanks for the tips. so in a nut shell, everything can use cpf to pay for HDB am i right?

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