By MoneyBees
Work out the legal fees and disbursements on top of a property price: HDB's own legal fees, SLA's registration and caveat fees, stamp and mortgage duty, and your lawyer's quote.
There is no fixed scale. The Law Society says there are no recommended guidelines for lawyers' fees, so a private lawyer quotes their own. CPF Board puts a private lawyer for an HDB purchase with a bank loan at S$2,500 to S$3,000 on average. When HDB acts for you, it charges its published rates instead.
13.5 cents per S$100 on the first S$30,000 of the price, 10.8 cents on the next S$30,000 and 9 cents on the rest, rounded up to the dollar, plus GST. On a S$500,000 flat that is S$469 before GST, or S$511.21. HDB charges the same rates on an HDB loan.
HDB charges S$0.90 per S$1,000 on the first S$30,000, S$0.72 on the next S$30,000 and S$0.60 on the rest, rounded up to the dollar before GST, with a S$21.80 minimum. HDB's own example: a S$345,000 flat has a S$239.80 legal fee.
Fees your lawyer pays to others on your behalf: SLA's registration fees (S$68.30 for a private transfer or mortgage, S$38.30 for an HDB flat), caveats at S$64.45, searches, and stamp duty, which goes to IRAS.
Yes. CPF's housing scheme terms let your Ordinary Account pay the stamp duty, legal fees and other related costs of buying or mortgaging the property. CPF used for stamp duty and legal fees is not counted in your CPF housing limit. The option fee must be paid in cash.
Stamp duty on the mortgage: 0.4% of the loan, capped at S$500, rounded down to the dollar. Any loan above S$125,000 pays the full S$500.
If you use CPF for a private property, CPF Board places a charge on it. SLA charges S$64.45 to notify a CPF charge and S$49.15 to discharge it.
A resale application fee of S$40 for 1- and 2-room flats or S$80 for bigger flats, S$120 for a Request for Value, a S$32 title search and a miscellaneous fee of S$16.35 if HDB acts for you, or S$5.45 with a private lawyer.
Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).