How Do You Know If Your Eligible For Medicaid – Before buying an HDB apartment, ask yourself these four questions. Find out what rental subsidies you can get and what type of mortgage to choose.
What happens after you’ve successfully asked the big question? Buying your first home together, of course! To achieve your first housing goal, you can learn how to meet your housing needs. Here are 4 questions to consider when talking to your partner about financing your future home.
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Before you set your sights on a home, develop an appropriate housing budget based on your income and financial commitments. It’s important to choose affordable housing that won’t keep you in trouble for long, with comfortable monthly payments.
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In addition to the lump sum purchase price, don’t forget to take into account ancillary costs (eg stamp duty and legal costs) as well as repair costs. If you take out a mortgage to finance your home, remember that your monthly loan payments cannot exceed 30% of your gross monthly income. These limits are set so that you can dedicate a portion of your income to personal savings and future needs while meeting your basic expenses and financial obligations!
Another thing to keep in mind is that the more money you spend on housing, the less you will save for retirement – so remember to balance!
Try our premier home loan calculator to estimate your home and mortgage loan rates based on your income and your ability to repay the loan. This will give you a more accurate idea of how much your dream home will cost and how long it will take to pay off your mortgage.
Have you looked into built-to-order (BTO) condos? You can get an Extended Housing Grant (EHG) of up to $80,000! Your average monthly household income1 determines the amount you will receive from this grant. You and/or your spouse or fiancé(ies) must also be working continuously for at least 12 months to apply for housing and must continue to work at the time of applying for housing.
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For example, with a combined income of $6,500, you may qualify for a $30,000 grant to help cover BTO housing costs.
Did a resale home make your heart sing? You can apply for family grants of up to $50,000. Those who qualify for the Family Grant may qualify for an EHG of up to $80,000. Plus, if you’re looking to buy a resale home near your parents or live with them, you can qualify for up to $30,000 in nearby housing grants!
Whether you choose to borrow from HDB or a financial institution, it is important to weigh the pros and cons of both options!
If you obtain a mortgage from a financial institution, you must pay 20% of the purchase price of the accommodation as an advance upon signing the rental agreement. 5% can be paid in cash and the remaining 15% can be paid in cash or as a deposit. Note that financial institutions can lend up to 75% of the purchase price, so you must pay the balance in cash or when handing over the keys to the apartment. In addition, mortgage interest rates vary by financial institution, loan portfolio characteristics and market conditions. With a bank loan, you can keep any amount in your Ordinary Account (OA) to continue to grow your savings for retirement.
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If you opt for an HDB mortgage, you can use your OA savings to pay the full 10% down payment. The HDB mortgage interest rate is currently 2.6% per annum, which is 0.1% above the interest rate. And you can save up to $20,000 in your OA to grow your savings with an attractive interest rate of up to 3.5% per annum!²
If you choose the right home loan, check the terms and make sure you have sufficient financing for the purchase of your intended home.
While your savings can help with your fixed HDB down payment and monthly home loan payments, remember that your savings are for your future retirement needs!
If you use a combination of cash and loan savings to cover your monthly mortgage payments, you can save money on your home. These funds will continue to grow at attractive interest rates of up to 3.5% per annum².
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Plus, your OA savings can act as a safety net for your mortgage payments. For example, if you are laid off or between jobs in the future, the money you invest in OA can be used for monthly home loan payments.
That’s why it’s important to balance your monthly mortgage payments with your OA savings!
Now that you’ve asked (and discussed!) the 4 questions with your partner, you’re ready to start your financial plan! Check out this online conversation to help you get smarter when buying your first home.
2 Additional 1% interest on the first $60,000 of a member’s combined balance, up to a maximum of $20,000. Buying an HDB BTO apartment is almost a ritual for Singaporeans. It’s a sign that you’re finally ready to really grow.
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To buy an HDB BTO apartment, you must first qualify. To buy a BTO apartment, you must do the following:
Also, you don’t have to earn too much money to qualify for the job you’re looking for. These are the income limits for different types of housing.
You also cannot own any other HDB or private property, domestic or foreign. If you currently own real estate, you must dispose of it within 30 months of filing.
First, you should check the HDB website regularly for upcoming sales. HDB announces upcoming BTO projects six months before launch, giving them plenty of time to plan their desired locations. You can also see the latest releases here:
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If you’re interested in a launch, pay $10 to vote in the BTO application window.
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To finish! Heaven smiles on you and you get a lot of sequence numbers. What to do after buying a 4D on your lucky day?
Before taking the next step and signing off on your life, it’s a good idea to plan your finances using this handy HDB tool.
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An important part of the financing process is deciding who to contact for your home loan. You have the choice between obtaining an HDB loan or a bank loan.
Beginners usually get HDB loans because they don’t require a down payment (see below), but if you’re smart and have enough savings, you can opt for a bank loan at higher interest rates. down.
Your sequence number determines your priority in unit selection. If the number of people assigned a sequence number exceeds the number of units, if your sequence number is not issued, you will not be able to receive units and you will have to vote again.
When it’s time to book your apartment at HDB Hub, don’t forget to bring your IC, proof of income and HLE if you’re going to get a home loan from HDB.
Before You Apply
You will also apply for CPF Housing Benefit at this time. Be sure to download the Enhanced CPF Housing Grant application forms and bring them with you to your housing appointment.
Previously, you had to return to the HDB Hub and sign the rental agreement within 4 months of booking the apartment. But last year the waiting period was one year (eg Bidadari projects).
You must pay the security deposit plus stamp duty and legal fees on the day you sign the rental agreement.
Your legal fees and stamp duty can be paid in cash and CPF. The stamp duty rates are as follows:
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If you’re a couple in your 20s and this is your first BTO, you may qualify for a tiered mortgage deal.
Deposit after signature of the lease: 5% cash + CPF OA deposit or 5% cash
Now all we have to do is wait for the construction workers to build the building under the hot sun. This stage usually lasts several years.
At some point HDB will let you know that the keys are available
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