Poll For Cov Paid (2009)

[chronograph 0]

50% Cash proceed = Sold my 3rm at jurong for profit, i'll have to pay 50% of the cash proceed (profit) on top of my CPF, COV for 2nd unit.

Etc -

CPF 90K

COV 42k

CP - 50k

Total : 183k - purchase price - 319k (Loan from HDB)

If i take bank loan, yes i need to upfront 5% cash but not 50% cash proceed.

i can have more cash but higher loan, Pro & Con on this arrangement/switch.

Above compute exclude the stamp fee / legal fee etc etc

I c.... then bank loan is right for u.

[rickoveron 0]

Just got it

Toh Guan Rd

Apartment Type - EA (144sqm)

VAL - $585k

COV - $61K

wow... 646k for Toh Guan EA.... and need to plan for reno cost? what was the attractive factor that made u willing to part with 61k cov?

Edited August 19, 2010 by rickoveron

[salavanun 0]

wow... 646k for Toh Guan EA.... and need to plan for reno cost? what was the attractive factor that made u willing to part with 61k cov?

simple EA is extinct like dinosaurs. jurong east is next major business hub. pls see ura jurong lake district . u wun be surprised anymore. and to guan is only 10years flat among the older 30 yrs odd older flats in jurong east.

[Warrior88 0]

Can u explain what's the 50% cash proceed?

Taking HLE only requires you to pay COV by cash and the rest can be deducted thru CPU, u need to set aside cash for stamp fees as well but can be reimbursed thru CPF later.

If u take bank loan, there is a 5% of val in cash, so u need to set aside 23.5k.

HLE whether upgrade/dowgrade, 50% of cash proceeds OR $25,000 whichever lower.[u] CASH need to put back into CPF.

Edited August 19, 2010 by Warrior88

[payton 0]

simple EA is extinct like dinosaurs. jurong east is next major business hub. pls see ura jurong lake district . u wun be surprised anymore. and to guan is only 10years flat among the older 30 yrs odd older flats in jurong east.

Bulleye! Great mind thinks alike. haha..

Actually i believe if i re-valuate that unit, it will increase at least min $10k.

Since I'm paying in full cash, so cov high or not makes no difference.

Lets just hope the reno process will be smooth for me.

Oh, one more condition that seller stated in contract is to let them to stay for 3 more months at no charges.

So, i'll be getting my keys only in end of Dec. I'm sooo enthu into renovation stuff already.

[Warrior88 0]

Just got it

Toh Guan Rd

Apartment Type - EA (144sqm)

VAL - $585k

COV - $61K

Thats $416 per sq ft.

[bepgof 20]

I actually re-do the VAL, the earlier price is 460K + COV 42k = 502k purchase price.

Exercise OTP via HLE, but after doing the math for reno, cov, 50% cash proceed, not enough, so i'm switching to Bank loan and redo val just few days back, VAL now 470K, so my COV will be lower by 10K.

have you view any telok banglah drive area ? wanted that area but all those seller (mostly India unit) want 45k min.... unit is super duper condition that i need to do major renovation. Due to the new telok banglah mrt coming up, the COV demand is high there.

50% cash proceed applies to those who want to borrow $ from "Ah kong" for the 2nd time.

Edited August 19, 2010 by bepgof

[dome81 0]

50% cash proceed applies to those who want to borrow $ from "Ah kong" for the 2nd time.

Ya loh, Ah kong want to charge me more and not willing to see me have more cash.

But i also heard 50% or 25k whichever lower, i can't find this in HDB website, agent also tell me min is 25k is min, for my cash i kana 50% of cash proceed because my profit >25K cash.

[chronograph 0]

Ya loh, Ah kong want to charge me more and not willing to see me have more cash.

But i also heard 50% or 25k whichever lower, i can't find this in HDB website, agent also tell me min is 25k is min, for my cash i kana 50% of cash proceed because my profit >25K cash.

50% or 25k which ever is lower, meaning max is 25k only, no?

That's mean:

1) Profit 60k, 50% = 30k. So u need only pay 25k.

2) Profit 40k, 50% = 20k. So u need to pay 20k.

Correct?

[Warrior88 0]

50% or 25k which ever is lower, meaning max is 25k only, no?

That's mean:

1) Profit 60k, 50% = 30k. So u need only pay 25k.

2) Profit 40k, 50% = 20k. So u need to pay 20k.

Correct?

Correct

Edited August 19, 2010 by Warrior88

[dome81 0]

50% or 25k which ever is lower, meaning max is 25k only, no?

That's mean:

1) Profit 60k, 50% = 30k. So u need only pay 25k.

2) Profit 40k, 50% = 20k. So u need to pay 20k.

Correct?

My understanding -

25K cash proceed is min,for 2nd HDB loan, if your profit <25k, HDB will still wipe out your profit because of 25k or lower.

etc -

profit 30k = tax you 25k, you only got 5k

profit 40k = tax you 25k, you got 10k

profit 50k = tax you 25k, you got 25k

profit >$50,001 = tax you 50%, breakeven at 50k - so they tax u $25,000.50, you got $25,000.50 as well.

For my case, clear cut they'll apply 50% on me cause my profit >50K, i use the resales HDB finance table compute my balance cash show i need to pay over COV on 1st appointment and 70k++ during 2nd appointment.

Edited August 19, 2010 by dome81

[chronograph 0]

My understanding -

25K cash proceed is min,for 2nd HDB loan, if your profit <25k, HDB will still wipe out your profit because of 25k or lower.

etc -

profit 30k = tax you 25k, you only got 5k

profit 40k = tax you 25k, you got 10k

profit 50k = tax you 25k, you got 25k

profit >$50,001 = tax you 50%, breakeven at 50k - so they tax u $25,000.50, you got $25,000.50 as well.

For my case, clear cut they'll apply 50% on me cause my profit >50K, i use the resales HDB finance table compute my balance cash show i need to pay over COV on 1st appointment and 70k++ during 2nd appointment.

Don't think your understanding is correct.

50% of cash proceeding OR 25k which ever is lower.

The key words are OR and lower.

[t_cheong 0]

I actually re-do the VAL, the earlier price is 460K + COV 42k = 502k purchase price.

Exercise OTP via HLE, but after doing the math for reno, cov, 50% cash proceed, not enough, so i'm switching to Bank loan and redo val just few days back, VAL now 470K, so my COV will be lower by 10K.

have you view any telok banglah drive area ? wanted that area but all those seller (mostly India unit) want 45k min.... unit is super duper condition that i need to do major renovation. Due to the new telok banglah mrt coming up, the COV demand is high there.

wow, ur val increased by 10k? That's quite a bit, when was the older valuation done? Viewed a few there but no indian units lei, mostly chinese then well done up but of course the ask cov also very high... I'd have gone for Henderson Cresecent, but Chinese ratio filled good location, decent size, good priced valuation also...

[dome81 0]

wow, ur val increased by 10k? That's quite a bit, when was the older valuation done? Viewed a few there but no indian units lei, mostly chinese then well done up but of course the ask cov also very high... I'd have gone for Henderson Cresecent, but Chinese ratio filled good location, decent size, good priced valuation also...

Henderson crescent, i been there too, unit too small and yet Chinese ratio filled too bad, otherwise i'll get that too, walking distance to TB mrt BUT i heard that area will be enbloc, don't quote me, i heard because the bukit merah view area (111-113) have been confirmed on enblock beside TB mrt.

last val for my B.Purmei done in May i think, so i need to redo again in order to obtain bank loan.

[dome81 0]

Don't think your understanding is correct.

50% of cash proceeding OR 25k which ever is lower.

The key words are OR and lower.

i have clarified with my resales officer, the result as follow.

Cash Proceed 50K and above - apply 50%

Cash Proceed below 50K, you'll only get back 25k, the rest have to go to 2nd home for HDB loan only.

Say you cash proceed is 30k, you get 25k, 5k go to 2nd unit.