new HDB for first timers...
the discussion that i had with my bro... for several weeks... he is, liked a whole bunch of first timers and less than 35years old, not eligible for new HDB flats... just because his 'packaged' salary exceeded slightly over 8k... no 'packaged' less than 8k... getting a resale flat proved to be a difficulty... if your income is over 8k per month and below 9k: - no subsidized HDB flat... - no housing grant... - no HDB loan... Pay a 3rm resale flat with COV $30k... supposing valued at $300K you will need: - 30K cash + 5% cash of valuation (15K cos getting bank loan) = 45K - CPF needs to have 45K + stamp duty est 5K + 1K legal = 51k CPF = 5years of work and CPF contribution of $900 per month in OA... Govt asked you to get EC (income ceiling is$ 10k per month)... do your maths: new EC shd be around 650psf (a 3 bedrm EC around 1000sqf) = $650k - 5% cash @ $32500 - remaining 15% CPF @ $97500.... - bank loan installment (3%interest for 30years) est. $2334... -------------------