20% down, next 10% can be from loan or must be cash even if taking 70% loan?

[mcmlxxvi]

Sorry maybe its a stupid question... But now with 70% loan, 20% is downpayment and the rest is serviced by own cash or bank loan. The question is, after the 20% down, the next 10% (on completion of foundation work) can be taken from bank loan, assuming loan has been approved and LO issued? Or must it be from own cash first.

It makes a difference on cashflow.

Below the URA words:

Standard Payment Scheme
The time for payment and the amount of purchase price payable under the standard payment scheme is shown in the following table:
*
Stage Payment under a standard payment scheme ( % of purchase price )
Upon the grant of Option to Purchase 5% - 10% (booking fee)
Upon signing of the Sale & Purchase Agreement or within 8 weeks from the Option date 20% less booking fee
Completion of foundation work 10%
Completion of reinforced concrete framework of unit 10%
Completion of brick walls of unit 5%
Completion of roofing/ceiling of unit 5%
Completion of electrical wiring, internal plastering, plumbing and installation of door and window frames of unit 5%
Completion of car park, roads and drains serving the housing project 5%
Notice of Vacant Possession 25%
On Completion Date

[devilplate]

from wat i noe, 70% max loan for 2nd mortgage loan+min 10% cash(instead of 5% cash for 1st ppty)....cash+cpf monies will always kick in first....den followed by bank loan

so u can use 20% CPF+10% cash for 30% downpayment...take note nid to set aside $61500 CPFmin sum component for 2nd ppty...

BUT now i got a question: if let say i din touch my CPF at all for my 1st ppty...den do i nid to set aside 61500 CPF min cash component for subsequent ppty purchase?

[mcmlxxvi]

I see. Thought could delay the bank loan application to later... Only when they call for the next 10%.

Anyway in my case all cpf used in my first liao, so not applicable re cpf. If you never touched cpf for all past properties (as in not even for stamp or legal fees nor monthly mortgage servicing), you dont need to set aside minimum sum.

[Condo Collector]

if let say i din touch my CPF at all for my 1st ppty...den do i nid to set aside 61500 CPF min cash component for subsequent ppty purchase?

No. The set aside is only required for 2nd ptty onward using CPF.

[Condo Collector]

I see. Thought could delay the bank loan application to later... Only when they call for the next 10%.

Anyway in my case all cpf used in my first liao, so not applicable re cpf. If you never touched cpf for all past properties (as in not even for stamp or legal fees nor monthly mortgage servicing), you dont need to set aside minimum sum.

If you have confident, you can always apply for loan after received the payment request from Developer's lawyer.

[eddiehu]

Assuming you got a Housing Bank loan ongoing

5% (Cash)
8week Later
5% (Cash) and 10%(Cash or CPF)

After Foundation is done which usually take 6-12 months
Another 10% (Cash or CPF)

Rest Bank Loan

[starby06]

BUT now i got a question: if let say i din touch my CPF at all for my 1st ppty...den do i nid to set aside 61500 CPF min cash component for subsequent ppty purchase?[/quote]

No need, you can use the full amount from your OA.

[mcmlxxvi]

Assuming you got a Housing Bank loan ongoing

5% (Cash)
8week Later
5% (Cash) and 10%(Cash or CPF)

After Foundation is done which usually take 6-12 months
Another 10% (Cash or CPF)

Rest Bank Loan

Thanks. Very clear now.

[fisho]

Can I still buy a new EC like Esparina or Canopy while still holding on to my HDB unit which is about 7-8 years old?

Fisho

[alvinkoh1818]

I would think so you may.

Most likely, the priority would go to first timer. So you may not be prioritised duriing early selection phase

[Condo Collector]

Can I still buy a new EC like Esparina or Canopy while still holding on to my HDB unit which is about 7-8 years old?

Fisho

I think the answer is no. Because EC is an HDB product!

[Geylang OKT]

Sunday is a day of rest. Time to tell some jokes :D :D :D

---------------------------------------------------------

Two career drunks were in the mood for some liquid holiday cheer
one Saturday night, so they went to the package store to get some
cheap booze.

In the store, the first drunk pulled the change out of his pocket.
"I have 87 cents," he said. "How much do you have?"

"I have a dollar," his friend answered.

"$1.87?" the first questioned. "What can we get for $1.87?"

His friend spotted a big Italian Sausage on the rack for $1.80.

"I have an idea," he said. "We'll buy that sausage over there and
put it in my pants. We'll go into a bar and order drinks. After
the drinks are gone, I'll pull out the sausage and you start
licking it. The bartender will be so disgusted he'll kick us out
of the bar and we won't have to pay!"

"Yeah, let's do it!" the second replied.

They buy the sausage and head off to a bar. They walk in and order
two beers and drink them down. When they're gone, the first whips
out the sausage and the second starts licking it.

He then really gets into it by wrapping his entire mouth around it.

"What the hell are you doing? Get out of my bar!" the bartender
barks at them, and the two run out laughing.

"That was great, and it didn't cost us a cent!" the second says.
"Let's do it again!"

So off they run to another bar for a repeat performance.

Then another bar.

Then another.

This continues through the night.

At the end of the night, after about the 20th bar, the second
drunk says, "Man, what a great night! All this drinking is making
me hungry. Hey, pull out that sausage and let's eat it."

"Uh, so sorry..." his friend stammered, "I was hungry so I ate the
sausage about nine bars ago!"

[Geylang OKT]

Can I still buy a new EC like Esparina or Canopy while still holding on to my HDB unit which is about 7-8 years old?

Fisho

Answer is a definite NO. :tsk-tsk: :D

[mcmlxxvi]

Sunday is a day of rest. Time to tell some jokes :D :D :D

---------------------------------------------------------

Two career drunks were in the mood for some liquid holiday cheer
one Saturday night, so they went to the package store to get some
cheap booze.

In the store, the first drunk pulled the change out of his pocket.
"I have 87 cents," he said. "How much do you have?"

"I have a dollar," his friend answered.

"$1.87?" the first questioned. "What can we get for $1.87?"

His friend spotted a big Italian Sausage on the rack for $1.80.

"I have an idea," he said. "We'll buy that sausage over there and
put it in my pants. We'll go into a bar and order drinks. After
the drinks are gone, I'll pull out the sausage and you start
licking it. The bartender will be so disgusted he'll kick us out
of the bar and we won't have to pay!"

"Yeah, let's do it!" the second replied.

They buy the sausage and head off to a bar. They walk in and order
two beers and drink them down. When they're gone, the first whips
out the sausage and the second starts licking it.

He then really gets into it by wrapping his entire mouth around it.

"What the hell are you doing? Get out of my bar!" the bartender
barks at them, and the two run out laughing.

"That was great, and it didn't cost us a cent!" the second says.
"Let's do it again!"

So off they run to another bar for a repeat performance.

Then another bar.

Then another.

This continues through the night.

At the end of the night, after about the 20th bar, the second
drunk says, "Man, what a great night! All this drinking is making
me hungry. Hey, pull out that sausage and let's eat it."

"Uh, so sorry..." his friend stammered, "I was hungry so I ate the
sausage about nine bars ago!"
OKT so free Sun night? I love this joke so funny will always think about it when eating hotdog sandwich in future lol

[Geylang OKT]

OKT so free Sun night? I love this joke so funny will always think about it when eating hotdog sandwich in future lol

Sun night biz slow mah :D :D :D

[maisonjai]

Can I still buy a new EC like Esparina or Canopy while still holding on to my HDB unit which is about 7-8 years old?

Fisho

U need to dispose ur hdb after EC TOP, within 6mths. If ur current hdb is a 2nd direct purchase from HDB then no chance.

http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/BuyingNewFlatEC?OpenDocument
Owners/Ex-owners of HDB flats / DBSS flats / EC units

Each eligible Singaporean household can buy the following housing unit only twice:

a flat from the HDB;
a resale flat with the CPF Housing Grant;
a DBSS flat from developer;
an EC unit from developer.If you have already bought two housing units, you will not be eligible to apply or be listed as an essential occupier in an application.

[rattydrama]

I have one question here, what about building under construction where we need to adopt 30% downpayment ruling..

5% cash
8 weeks later
5% cash and 10% cash or CPF.

When to pay another 10% cash or CPF?

Is it still 6 -12 months later when foundation work completed??


Assuming you got a Housing Bank loan ongoing

5% (Cash)
8week Later
5% (Cash) and 10%(Cash or CPF)

After Foundation is done which usually take 6-12 months
Another 10% (Cash or CPF)

Rest Bank Loan

[devilplate]

I have one question here, what about building under construction where we need to adopt 30% downpayment ruling..

5% cash
8 weeks later
5% cash and 10% cash or CPF.

When to pay another 10% cash or CPF?

Is it still 6 -12 months later when foundation work completed??

yes...u got it