To date, my wife and I have paid the Option-to-Purchase (OTP) Deposit, and are awaiting the result of the HDB Resale Application. The below breakdown is our expected expense overall - actual amount may differ.
Resources:
- HDB Enquiry on Resale Financial Plan
- HDB Legal Fees Enquiry
- HDB Costs and Fees for Resale Flats
- HDB Fire Insurance
- CPF Home Protection Scheme Calculator
- HDB Checklist for moving into flat (Thanks, Bedokian!)
Flat Purchase
1) Flat Purchase Price $335,000
- OTP Grant Deposit $1000 (Paid via Cash)
- OTP Exercise Deposit $4,000 (Paid via Cash)
- Balance $330,000 to be paid for via CPF, Housing Grants, Housing Loan and Cash
Additional Costs expected
2) Valuation Report $120 (Cash, includes GST)
3) Buyer Stamp Duty $5,000 (Pay via CPF)
- First $180,000: 1% $1,800
- Next $155,000: 2% $3,200
4) Legal Fee for OTP (Pay via CPF) $699
- Acting in Purchase: $321
- Acting in Mortgage: $332
- 7% GST: $46
5) Legal Fee for Mortgage: $900 (Pay via Cash)
6) Caveat Fee: $130 (Pay via Cash)
7) Title Search Fee: $10 (Pay via Cash)
8) Resale Application Fee $80 (Paid via Cash)
Total Upfront Damage expected for Flat itself
Cash: Approx $37,140
- $35,900 contributes to the Flat Purchase Price
- $1,240 added cost
CPF: Approx $45,000
- $39,300 contributes to the Flat Purchase Price
- $5,700 added cost
Flat Maintenance Cost
a) Mortgage: $1020 monthly (for 25 years, subject to early repayment)
b) Home Protection Scheme with a coverage of 100% Mortgage: $190 annually (for 22 years)
c) Basic Fire Insurance: $6 every 5 years
Stay tuned for more updates!
