Selection begins 1 to 2 weeks after the ballots are published and depends on your queue position. Are you or your partner under 30, and at least one of you is a first candidate? If the answer is yes, there is good news – you are entitled to the Staggered Downpayment Scheme if you have booked an unfinished apartment. This means that you only have to pay half the down payment if you sign the lease. The balance will be paid when the keys are handed over to your new apartment. Here`s how much you need to prepare: The main goal of your second HDB appointment is: 1) to sign the lease agreement and 2) to pay the down payment, stamp duty and legal fees. You can choose between an HDB loan and a bank loan. Don`t just sign up for the first loan that will be presented to you. Compare credits with moneySmarts home loan assistants. As a young homebuyer, you can apply for an HDB home loan if your average gross monthly income does not exceed $14,000. The amount of the loan you have been granted depends on several factors such as HDB`s credit quality assessment, value credit limit, remaining rental agreement for the home and other related HDB guidelines. Once your HDB home loan application is successful, you will receive an HDB Loan Eligibility (HLE) letter informing you of the amount of the home loan and the repayment period to which you are eligible. If you intend to take out an HDB home loan, a valid HLE letter is required when you book an apartment.

In this situation, it would be best to speak directly with the sellers and try to negotiate a deal to exempt you from the execution of the sale, without including a lawsuit. In addition, you will waive stamp duty and other transportation costs you paid when you signed the purchase and sale contract – the only stamp duty on a $300,000 property would be $4,200. The ability to choose an apartment depends on the number of apartments available when it reaches your queue number. You may also be eligible for the staggered payment system. As the name suggests, you can pay half the down payment if you sign your lease, and the other half if you sign the terms and get your keys back. The signing of a rental agreement is for dwellings that are still under construction and the key to the dwellings already concluded. Down payment when signing the contract: 5% in cash – 5% with CPF OA Savings or Cash A valid HLE letter is required if you choose an apartment when borrowing an hdb. After your application, you will receive a queue number based on the vote. The queue number determines the order in which you can book a unit compared to the other candidates. Whether you get your unit to vote also depends on the demand from other home buyers, the supply of apartments and the availability of housing when it`s your turn.

If you go to HDB to book an apartment, you must pay the option fee on the spot, depending on the flat type: Once you have exercised the option to purchase and sign the purchase and purchase agreement, you are legally required to conclude the transaction with the seller.