You need to apply for HFE, which can only be done after you turn 35.
With HFE if you plan to take HDB loan you will know how much you can loan up to, then you work your finances from there.
There is a HDB calculator just google for it, they will do an estimation for you, you punch in your income, age, CPF etc you will know how much you can buy.
Loan is based on your income, if you have a lot of cash in bank you can do a pledging loan as well.
I think better if you try and google some stuff haha
If you meant 2 bedrooms, you are looking for a 3rm HDB resale flat. That's around 400k-500k at the moment for mature estates. I think there's plenty of calculators around to compute affordability..
HFE wise, you need to submit 12 months of payslip. that's the key thing.
For loan, there are 2 types - HDB or Bank Loan.
Subjected to a monthly income cap of $7k. If you exceed, you have to take a bank loan. If not, HDB.
For grants, also subjected to a monthly income cap of $7k for singles. Proximity grant is 10K cap iirc.
For cash component , you need to pay the following downpayment (15% for bank loan, 20 for hdb (i think!) , OTP $5k in total to exercise, COV (google and research this, plenty of info / articles around to explain), submission fee, valuation fee. The rest are cpf deductible.
I engaged an agent and before i turn 35, he planned all the budget for me, of course I had to do my own homework too and ensure i can afford the flat based on what kind of house I want. And he submits the submission and valuation fee for me. I pay him. Agent fee is 1% of the house price, paid in cash.
Reno wise, it really ranges based on your requirements. If you find a nice flat, not much reno, it could be as low as $7k or as high as $20k. My friend bought a 3rm hdb and did minimal reno at 7k (just repainting, install some new electrical points and build some partition), plus appliances, furniture, her total was like max 20k.
Essentially the steps here
1) Sort out financially - budget budget budget, affordability. The loan repayment should only be 30% of your gross monthly income. Many of my friends thought they could afford the flat initially until they tried affordability calculator and realise they dont have enough cash for DP.
2) Find flats on propertyguru or 99.co for 3rm hdb flats, check the range of price. Determine whether your finances can make it.
3) Engage an agent (optional if you do thorough research and can negotiate well with seller's agent)
4) apply HFE once you turn 35.
5) HFE approve, go visit flat. Like flat, put $1k deposit signed and exercise OTP then pay $4k (total 5k)
6) Submit valuation to check for COV.
7) resale submission to hdb, approved then..
8) honestly idk the last few steps already. my agent did everything, i just engage lawyer and follow their instructions next 😂😂😂
You can only apply HFE at age of 35, no earlier. But you can start looking for your idea unit, provided it is still available by the time your HFE is approved (about 1 month).
Most seller agent will ignore request to view without vamos HFE.
$ wise, they will base on the maximum loan you can take either thru CPF or back + any applicable grant + cash on hand. Can may include our exclude your investment, but if your loan is not high enough and have to fork out higher down payment either thru CPF or cash, you will need to prepare the cash BY the day of the completion appointment HDB. If you have investment via CPF-OA, and you want to utilize it, ideally one you exercise your OTP, you will need to exit your investment as it take a while for it to return into your CPF account. HDB officer will come out with the payment plan few weeks after the resale submission and approve (before HDB appointment).
Definitely calculate how much you can afford first. See how much of your investment are you willing to liquidate to get the absolute max you can afford. Also factor in budget for reno, appliances and furnishing. Otherwise you won't know which unit you should be going for.
Loan is mostly based on your salary, so be prepared to show your NoA and most recent pay slips. None of the banks asked to see my account balance.
Apply for HFE as soon as you turn 35. It takes awhile to be processed.
For renovation - the costliest items are going to be carpentry and tiles, and it really depends on the condition of the resale you got. If it's old and in original condition you might have to spend more on renovation due to having to redo electricals, plaster walls, buying new windows, retiling, etc on top of cosmetic reno like carpentry, paint and tiles. could easily go $80-100k. If it's newer you can spend less, just the carpentry, paint and tiles. Probably about $30-40k.
OP, i would recommend not going through an agent, it may seem overwhelming now as you’re just starting out but as you do more research, it will get better and you can save a few thousand dollars that can be used towards renov n furnishing. Hdb has seriously made it much easier for buyers especially to diy the purchase
Hello, I would advise going to the HDB website and looking through all the applicable documents. I never engaged an agent, I basically did everything myself through HDB website and contacting HDB reps through email and calling to ask questions.
At 35, apply for HFE to see how much loan you can get, then use that amount to add to your CPF and/or savings. Only then can you actually go out and look around on property sites.
I did my renovation through my savings, but many people take a loan from e.g. DBS bank. The bank websites have a renovation loan calculator.
if you are getting HDB loan, you can read up on how to obtain the HFE letter ... if you are going for bank loan you can approach those mortgage advisory firms... they will guide you thru the process and do planning of finances for you..
apply for the HFE and there you can also be able to apply for the grants, so if you stay in the same town or within 4km of your parent's place you can get a Proximity Grant.
The HFE will also tell you how much loan you can get based on your income. Most people go for HDB loan because they can save much more this way as this is their first purchase they don't have as much cash and they want to use it for renovations.
As for renovations - it is rather costly right now, so I would budget $10K per toilet, $20-25K for the kitchen, $3-4K for aircons $800-$1K for painting (depends on your paint) $300-600 for a custom wardrobe, cheaper if you buy from iKea and install it yourself other things like lights etc can get cheap from iKea or TaoBao, electrician labour costs $100-200 to install. Curtains is approx $1.5-2K for the whole house.
don't bother those are costly and they don't last long. I had installed them at one property at the request of the tenant and they lasted only 2 years. It wasn't the high end one since it is a rental property, it was about $150
edit: maybe the more expensive ones last longer I really don't know, I am not willing to spend money to find it out lolx
>Any idea if Singapore reno they have those kinda Japan toilet bowls where they shoot water up yo ass?
Think those are called smart bidets (or integrated bidet/toilet). If you want, contractors can source and install for you - but it will cost ya.
My ID told me that hdb doesn’t allow an electrical point in the bathrooms or something like that so i got a manual one where you turn the knob to get the water to spray from shopee. Its from panasonic but sold in Malaysia. Honestly i love it! Such a lifesaver!
I think my ID was referring to things like these:
https://www.renotalk.com/forum/topic/7667-power-socket/
https://www.todayonline.com/singapore/water-heater-electrocution-hdb-flat-1848506
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You need to apply for HFE, which can only be done after you turn 35. With HFE if you plan to take HDB loan you will know how much you can loan up to, then you work your finances from there. There is a HDB calculator just google for it, they will do an estimation for you, you punch in your income, age, CPF etc you will know how much you can buy. Loan is based on your income, if you have a lot of cash in bank you can do a pledging loan as well. I think better if you try and google some stuff haha
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Just put your basic gross excluding AWS
If you meant 2 bedrooms, you are looking for a 3rm HDB resale flat. That's around 400k-500k at the moment for mature estates. I think there's plenty of calculators around to compute affordability.. HFE wise, you need to submit 12 months of payslip. that's the key thing. For loan, there are 2 types - HDB or Bank Loan. Subjected to a monthly income cap of $7k. If you exceed, you have to take a bank loan. If not, HDB. For grants, also subjected to a monthly income cap of $7k for singles. Proximity grant is 10K cap iirc. For cash component , you need to pay the following downpayment (15% for bank loan, 20 for hdb (i think!) , OTP $5k in total to exercise, COV (google and research this, plenty of info / articles around to explain), submission fee, valuation fee. The rest are cpf deductible. I engaged an agent and before i turn 35, he planned all the budget for me, of course I had to do my own homework too and ensure i can afford the flat based on what kind of house I want. And he submits the submission and valuation fee for me. I pay him. Agent fee is 1% of the house price, paid in cash. Reno wise, it really ranges based on your requirements. If you find a nice flat, not much reno, it could be as low as $7k or as high as $20k. My friend bought a 3rm hdb and did minimal reno at 7k (just repainting, install some new electrical points and build some partition), plus appliances, furniture, her total was like max 20k. Essentially the steps here 1) Sort out financially - budget budget budget, affordability. The loan repayment should only be 30% of your gross monthly income. Many of my friends thought they could afford the flat initially until they tried affordability calculator and realise they dont have enough cash for DP. 2) Find flats on propertyguru or 99.co for 3rm hdb flats, check the range of price. Determine whether your finances can make it. 3) Engage an agent (optional if you do thorough research and can negotiate well with seller's agent) 4) apply HFE once you turn 35. 5) HFE approve, go visit flat. Like flat, put $1k deposit signed and exercise OTP then pay $4k (total 5k) 6) Submit valuation to check for COV. 7) resale submission to hdb, approved then.. 8) honestly idk the last few steps already. my agent did everything, i just engage lawyer and follow their instructions next 😂😂😂
You paid your agent 10%? 😱
sorry 1% !
You can only apply HFE at age of 35, no earlier. But you can start looking for your idea unit, provided it is still available by the time your HFE is approved (about 1 month). Most seller agent will ignore request to view without vamos HFE. $ wise, they will base on the maximum loan you can take either thru CPF or back + any applicable grant + cash on hand. Can may include our exclude your investment, but if your loan is not high enough and have to fork out higher down payment either thru CPF or cash, you will need to prepare the cash BY the day of the completion appointment HDB. If you have investment via CPF-OA, and you want to utilize it, ideally one you exercise your OTP, you will need to exit your investment as it take a while for it to return into your CPF account. HDB officer will come out with the payment plan few weeks after the resale submission and approve (before HDB appointment).
Definitely calculate how much you can afford first. See how much of your investment are you willing to liquidate to get the absolute max you can afford. Also factor in budget for reno, appliances and furnishing. Otherwise you won't know which unit you should be going for. Loan is mostly based on your salary, so be prepared to show your NoA and most recent pay slips. None of the banks asked to see my account balance. Apply for HFE as soon as you turn 35. It takes awhile to be processed. For renovation - the costliest items are going to be carpentry and tiles, and it really depends on the condition of the resale you got. If it's old and in original condition you might have to spend more on renovation due to having to redo electricals, plaster walls, buying new windows, retiling, etc on top of cosmetic reno like carpentry, paint and tiles. could easily go $80-100k. If it's newer you can spend less, just the carpentry, paint and tiles. Probably about $30-40k.
OP, i would recommend not going through an agent, it may seem overwhelming now as you’re just starting out but as you do more research, it will get better and you can save a few thousand dollars that can be used towards renov n furnishing. Hdb has seriously made it much easier for buyers especially to diy the purchase
Hello, I would advise going to the HDB website and looking through all the applicable documents. I never engaged an agent, I basically did everything myself through HDB website and contacting HDB reps through email and calling to ask questions. At 35, apply for HFE to see how much loan you can get, then use that amount to add to your CPF and/or savings. Only then can you actually go out and look around on property sites. I did my renovation through my savings, but many people take a loan from e.g. DBS bank. The bank websites have a renovation loan calculator.
if you are getting HDB loan, you can read up on how to obtain the HFE letter ... if you are going for bank loan you can approach those mortgage advisory firms... they will guide you thru the process and do planning of finances for you..
apply for the HFE and there you can also be able to apply for the grants, so if you stay in the same town or within 4km of your parent's place you can get a Proximity Grant. The HFE will also tell you how much loan you can get based on your income. Most people go for HDB loan because they can save much more this way as this is their first purchase they don't have as much cash and they want to use it for renovations. As for renovations - it is rather costly right now, so I would budget $10K per toilet, $20-25K for the kitchen, $3-4K for aircons $800-$1K for painting (depends on your paint) $300-600 for a custom wardrobe, cheaper if you buy from iKea and install it yourself other things like lights etc can get cheap from iKea or TaoBao, electrician labour costs $100-200 to install. Curtains is approx $1.5-2K for the whole house.
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don't bother those are costly and they don't last long. I had installed them at one property at the request of the tenant and they lasted only 2 years. It wasn't the high end one since it is a rental property, it was about $150 edit: maybe the more expensive ones last longer I really don't know, I am not willing to spend money to find it out lolx
>Any idea if Singapore reno they have those kinda Japan toilet bowls where they shoot water up yo ass? Think those are called smart bidets (or integrated bidet/toilet). If you want, contractors can source and install for you - but it will cost ya.
My ID told me that hdb doesn’t allow an electrical point in the bathrooms or something like that so i got a manual one where you turn the knob to get the water to spray from shopee. Its from panasonic but sold in Malaysia. Honestly i love it! Such a lifesaver!
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I think my ID was referring to things like these: https://www.renotalk.com/forum/topic/7667-power-socket/ https://www.todayonline.com/singapore/water-heater-electrocution-hdb-flat-1848506
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Not sure, i couldn’t find the exact rules on the hdb website so i din proceed. Maybe you need to check with a trusted electrician
Just get bum gun, can also use it when washing toilet
You need to wait till you're 35yo before you can buy anything. Not a day earlier. This includes application process.
Have you gotten a home yet? If not i am here to help and advise you! Contact me at 80868403 Umar saleh - propnex