financial calculation for resale hdb (buyer) - singapore
TRANSCRIPT
Financial Calculation for Resale HDB (Buyer)POINTERS FOR FINANCIAL CALCULATION
TO ASSIST RESALE HDB BUYERS
Call William Chui : (+65)8111‐5505
Scope1. Price & Value2. CPF3. Cash Proceeds from Previous Sales4. Deposit5. Loan6. Tax7. Additional
1. Price & Value1. Purchase Price of unit2. Valuation of unit3. Cash Over Valuation (COV) = Purchase Price –Valuation1. If <$0, COV = $02. If >$0, COV is +ve
2(a). CPF (Age < 55)1. CPF OA (ordinary account)2. CPF OA (monthly contribution)3. CPF Max Withdrawal Limit (note for units where remaining lease <60
years)4. CPF Grants:1. Scheme Grant2. Additional Grant3. Special Grant (BTO only)4. Proximity Grant
5. CPF proceeds (from previous flat)
2(b). CPF (Age ≥ 55)1. In addition to previous part 1(a),Retirement
Account (RA) is taken into account.2. Go to CPF board personally OR 3. Check CPF withdrawal statement for amount that
can be (re)use.
3. Cash Proceeds from Previous Sales**This is ONLY important for buyers taking second concessionary loan from HDB.1. Cash proceeds from previous sale. Buyer may keep $25,000 or half of the cash proceeds,
whichever amount is more.2. Full CPF would be used to offset the loan.
NOTE: NOT all loans from HDB are concessionary!
4. Deposit1.Option Fee = $1 to $10002. Exercise Fee = $1 to $4000
5. Loan1. Loan Eligible ($ / %)HDB Loan – max 90% Bank Loan – max 80%
2. Loan Down Payment ($)3. Loan Reduction ($)4. Loan Actual Needed ($)
Refer to Loans (Residential) slides
Refer to Concepts On Loans slides
6. Tax1. Buyer’s Stamp Duty (BSD)2. Additional Buyer’s Stamp Duty (ABSD) (for SPR
only)3. Mortgage Loan Stamp Duty
7(a). Additional1. Valuation Requests
2. Resale Application
Flat Type Softcopy Valuation Report
1 & 2‐room S$140.40
3‐room & larger S$199.25
Flat Type Administrative Fee payable by buyer and by seller
1 & 2‐room S$40
3‐room & larger S$80
7(b). AdditionalHDB legal fee (HDB Loan) Private legal fee (Bank Loan)
1. Acting for Mortgagee (HDB) 1. Acting for Mortgagee (Bank)
2. Acting for Mortgager (buyer) 2. Acting for Mortgagor (buyer)
3. Bank Mortgage loan stamp duties 3. Bank Mortgage loan stamp duties
4. CPF‐conveyancing transaction 4. CPF‐conveyancing transaction
5. Caveat Fee 5. Caveat Fee
6. Title Search 6. Title Search
7. GST 7. GST
Though you can use HDB legal to do conveyancing for Bank Loan, but many items are not paid for in the HDB legal fee, compared to a net fee payable to a private legal firm that charges all the items as listed above.
7(c). Agent’s Fee1. Agent’s Fee Standard Market Rate is 1% of Purchase Price
Summary1. Price & Value COV
2. CPF
3. Cash Proceeds from Previous Sales
4. Deposit Option Exercise
Summary5. LoanHDB : no mandatory cashBank: mandatory cash
6. TaxBSD / ABSD
7. AdditionalValuation Resale Application Legal FeeAgent’s Fee
Sources1. CPF Housing Grants : http://goo.gl/bAuk2M
2. CPF Public Housing Scheme : https://goo.gl/2mDdlE
3. Buyer’s Stamp Duty : https://goo.gl/kW9Tm0
4. ABSD : https://goo.gl/9TEiA3
5. Mortgage Stamp Duty: https://goo.gl/umXqRH
6. Legal Fees Enquiry: https://goo.gl/fEL9Np
Cash componentsItems Remarks
COV cash
Deposit cash
Bank Loan (mandatory cash) cash
BSD / ABSD Cash first, apply for CPF reimbursement if needed, after completion own CPF OA would reimburse to your savings account
Valuation Report cash
Resale Application cash
Legal Fee Cash first, apply for CPF reimbursement if needed, after completion own CPF OA would reimburse to your savings account
Caveat Search cash (only for HDB loan)
Title Search cash (only for HDB loan)
Agent’s Fee cash
Call William Chui : (+65)8111‐5505