HDB loan = up to 90% of the value can be loaned
Bank loans = up to 75% can be loaned.
I personally prefer bank loans because the interest rate (best currently is 1.89% for first year) is way lower than HDB 2.6%
Let's use HDB loan for now since you can use the lowest downpayment of 10%, and 100% of this downpayment can be from your CPF.
So how much CPF-OA both your spouse and you have?
If you have, say $50,000 combined, then that is the maximum you can use to pay for the downpayment (the 10%) so that means the maximum flat you can buy is $500,000.
No cash.
A simple formula for HDB loan = whatever you have in CPF X 10 = maximum flat you can buy
(i am ignoring your income assessment, just based on downpayment affordability)
If you want to use a bank loan for long term financial savvy, great for you. Downpayment is 25%, 2.5 times of HDB loan.
And 20% of the flat value can be paid by CPF, but 5% downpayment MUST BE BY CASH.
I chose a bank loan because the interest rate difference is large. But if you need cash, the HDB loan is more useful for you.
HDB loan = up to 90% of the value can be loaned
Bank loans = up to 75% can be loaned.
I personally prefer bank loans because the interest rate (best currently is 1.89% for first year) is way lower than HDB 2.6%
Let's use HDB loan for now since you can use the lowest downpayment of 10%, and 100% of this downpayment can be from your CPF.
So how much CPF-OA both your spouse and you have?
If you have, say $50,000 combined, then that is the maximum you can use to pay for the downpayment (the 10%) so that means the maximum flat you can buy is $500,000.
No cash.
A simple formula for HDB loan = whatever you have in CPF X 10 = maximum flat you can buy
(i am ignoring your income assessment, just based on downpayment affordability)
If you want to use a bank loan for long term financial savvy, great for you. Downpayment is 25%, 2.5 times of HDB loan.
And 20% of the flat value can be paid by CPF, but 5% downpayment MUST BE BY CASH.
I chose a bank loan because the interest rate difference is large. But if you need cash, the HDB loan is more useful for you.