If I bought a 5-RM HDB flat which is $20K above valuation and I'm taking a bank loan, how much cash do I have to pay at FIRST APPOINTMENT ? On the HDB web, it says that if the cash is more than 5% of the sale transaction, buyer need to pay within 10 days fm the 1st appointment date. Does that mean that I will need to pay $20K within 10 days from 1st HDB appointment? When do I have to pay the 5% cash? Can someone advise? Any other "cash" need to be paid on 1st appointment? Thanks

If I bought a 5-RM HDB flat which is $20K above valuation and I'm taking a bank loan, how much cash do I have to pay at FIRST APPOINTMENT ? On the HDB web, it says that if the cash is more than 5% of the sale transaction, buyer need to pay within 10 days fm the 1st appointment date. Does that mean that I will need to pay $20K within 10 days from 1st HDB appointment? When do I have to pay the 5% cash? Can someone advise? Any other "cash" need to be paid on 1st appointment? Thanks

You dont have to pay any cash on the 1st appointment. After yor 1st appointment, drop by at the lawyer appointed by the bank, they will let you know when they need your cheque for the 5% + $20K above value (normally couple weeks b4 2nd appointment date). Also, they will need you to give them a cheque for the stamp duties, they will reimburse the stamp duties after they have gotten the funds released from CPF which will take 3-4 weeks but the stamp duties need to pay up within 14 days. Hence you need to pay the stamp duties in cash 1st.

You can ask the lawyer to attend the 2nd appointment on your behalf and collect the keys from them. You will need to pay them for the outstanding pty tax, town council conservancy charges which they paid HDB on your behalf as well.

That is all I remember. Hope it helps.

Thank you so much !

You dont have to pay any cash on the 1st appointment. After yor 1st appointment, drop by at the lawyer appointed by the bank, they will let you know when they need your cheque for the 5% + $20K above value (normally couple weeks b4 2nd appointment date). Also, they will need you to give them a cheque for the stamp duties, they will reimburse the stamp duties after they have gotten the funds released from CPF which will take 3-4 weeks but the stamp duties need to pay up within 14 days. Hence you need to pay the stamp duties in cash 1st.

You can ask the lawyer to attend the 2nd appointment on your behalf and collect the keys from them. You will need to pay them for the outstanding pty tax, town council conservancy charges which they paid HDB on your behalf as well.

That is all I remember. Hope it helps.