Buying a Resale Flat - Calculating Your Financial Plan

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Our 1st HDB appointment finally arrived on the 7th May 2010, our very first step of getting a place of our own.

The whole process is a breeze if you have a housing agent and the HDB officer walks you through everything. So much so that I'm nearly signing the papers blindly when presented to me. The whole process merely took about 2 hours including waiting time.

Anyway, in Dec last year, I did some manual calculations of the finances involved in buying a $400,00 resale flat (4 room) to get a ballpark figure. Actually, HDB has a fantastic calculator (click here) that does it for you. I think it came after the revamp of the website.

If the above link is disconnected again, just google "HDB Resale Financial Plan".

Basically, it does this:

• Total fees payable with the breakdown (stamp, conveyance, caveat)
• Auto calculation of loan required from HDB
• Total cash you need to fork out broken down into payment on 1st appointment and completion of resale
• Monthly mortgage loan installment

It's so easy to use it and I recommend printing out the results before your appointment with HDB. This is so that you will not have surprises at the first appointment and what you need on the spot, especially in cash terms.

At the first appointment, HDB will also work out the financial plan for the buyers which is a replica of what you would have done using the above calculator. I attach a sample copy of mine (blanco the sensitive details) for your reference.

And man... I love it when I don't have to fork out any COV. :)