16 November 2012

Learning to Purchase Singapore Resale HDB using CPF

Follow up with the previous post Learning to Purchase Singapore Private Property using CPF, I realized that  my cash flow is not stable due to my current career as a Remisier. The recent new launch from Pasir Ris  is the best property I could find on current market condition. As my gf and I decided to purchase 3 rooms properties, we decided to utilize CPF money together with the 5% cash deposit for 20% down payment to save our cost of living in Singapore.

Below is a very simple calculation:

If you have salary of SGD6,000 combined, you could have CPF contribution of SGD2,160. If CPF-Ordinary Account (OA) is 60% of total contribution, you could have around SGD1,296 to make the loan payment. But because HDB would not allow you to make full payment using CPF-OA, so we can make HDB payment of around SGD600. With using mortage loan calculator, if we take up SGD320,000 loan and maximum 30 years loan, the monthly payment is around SGD1,104.38.

We targeted SGD400K-  SGD500K property in Singapore. As we need to get ready with the COV of around SGD5K-SGD20K, so we have to have around SGD40K cash and SGD60K CPF for our first property purchase in Singapore.

So now we are waiting for Singapore property market to cool down further so that we could afford to purchase 3 sleeping rooms HDB (or so called 4 rooms flat) in Singapore. Next year is a good year to buy property. I hope.


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