facebookWhat are the fees and costs involved in buying a HDB Resale flat? - Seedly

Advertisement

Anonymous

17 Oct 2019

Property

What are the fees and costs involved in buying a HDB Resale flat?

How can we minimise some of these costs?

Discussion (1)

What are your thoughts?

Learn how to style your text

There's a full breakdown of all the costs in this Bluenest guide, but basically:

  • Option Fee + Option Exercise Fee (set by the seller - total shouldn't exceed 5k)
  • Downpayment
  • Resale flat application fees ($40 for one or two-roomers & $80 for larger units)
  • Admin fee for Temporary Extension of Stay (optional -- only if the seller asks for it, and up to you if you want to grant it)
  • $120 Processing fee for HDB Request for Value (if using CPF or HDB loan) / $200-400 for valuation report if getting a bank loan
  • Cost of fire insurance (nominal, only like $1.50-$7.50 for 5 years)
  • Premiums for CPF's Home Protection Scheme (automatic enrolment if you're using CPF funds)
  • Cost of comprehensive home insurance policy (optional)
  • Cost of Mortgagee Interest Policy if you're getting a bank loan
  • Agent commissions (if you're engaging one)
  • Interest on the home loan
  • Buyer stamp duty
  • Conveyancing fees (tip: HDB solicitors are the cheapest route)
  • Caveat registration/title search fee (less than $100)
  • Bank / HDB loan legal fees

Hope that helps! :)

Write your thoughts

Advertisement