By MoneyBees
The cash you pay above the valuation for an HDB resale flat or private home, the loan and CPF on the lower of price or value, and stamp duty on the price.
The part of the price above the valuation. If you agree to pay S$600,000 for a resale flat that HDB values at S$580,000, the COV is S$20,000.
No. CPF says the COV must be paid fully in cash and cannot be covered by CPF or your loan. CPF for the purchase is capped at the lower of the price and the valuation.
On the lower of the two. HDB and bank loans for a resale flat are both up to 75% of the lower of the resale price or the value of the flat.
At least 5% of the lower of the price and valuation in cash when the loan is at 75%, plus the COV. With an HDB loan the downpayment can come entirely from CPF, but the COV is still cash.
On whichever is higher. When you pay above the valuation, Buyer's Stamp Duty and any ABSD are on the price. CPF OA savings can pay both.
After the seller grants you the Option to Purchase, you make a Request for Value to HDB, which costs S$120. HDB's value is then the basis for your CPF use and loan.
Yes. Banks lend on the lower of the purchase price and the valuation, and CPF says the part of the price above market value must be paid in cash.
Then there is no COV. The loan and your CPF are worked out on the price.
Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).