Budgeting For A Home Within Your Means

Calculate the costs of a buying a home and assess your own resources before finally deciding on a appropriate home.
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  • Lectures 21
  • Contents Video: 1 hour
    Other: 1 min
  • Skill Level All Levels
  • Languages English
  • Includes Lifetime access
    30 day money back guarantee!
    Available on iOS and Android
    Certificate of Completion
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About This Course

Published 4/2014 English

Course Description

This course is a continuation from a previous course untitled Understanding The Costs Of Buying A Home.

We will be looking at how to calculate the costs of buying a home in Singapore. This includes:

  • Options Fees
  • LTV Limit & Downpayment
  • Buyer's Stamp Duty
  • Mortgage Stamp Duty
  • Disbursement of Loan

After that, you will learn how to assess your own resources to know how much you can afford:

  • Using your Sales Proceeds
  • CPF Ordinary Account
  • CPF Housing Withdrawal Limits
  • Buying A Second Property
  • Maximum CPF that can be used

Finally, we will see how to decide on a appropriate home that you can afford.

What are the requirements?

  • working knowledge of Singapore CPF Scheme
  • completed Understanding The Costs Of Buying A Home

What am I going to get from this course?

  • to help you calculate the costs of buying a home in Singapore
  • to help you assess your own resources and to know how much you can afford
  • to help you decide on an appropriate home that you can afford

What is the target audience?

  • working adults
  • aspiring home owners
  • newly weds
  • Singaporeans
  • Singapore Permanent Residents
  • anyone interested in Singapore's public housing scheme

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.

Curriculum

Section 1: Introduction
01:16

This lecture introduces this e-learning module on budgeting for a home within your means.

Please complete the previous module entitled Understanding The Costs Of Buying A Home before going through the contents of this module.

01:33

In this Lecture, find out more about MoneySENSE's core financial capabilities:

  • Understanding Money
  • Understanding yourself, your rights and responsibilities
  • Managing everyday money
  • Planning ahead
  • Selecting financial products
Section 2: Calculating The Costs Involved In Buying A Home
04:13

This lecture contains details about Option Fees and about Booking A Property.

  • Option Fee for a New Property
  • Option Fee for Resale Property
  • HDB Loan Eligibility Letter (HLE)
  • In Principal Approval (IPA) Letter from a bank
  • Option To Purchase (OTP)
02:52

This lecture contains details about the Loan-To-Value (LTV) Limit & Downpayment for HDB Loans:

  • Build-To-Order Flats (BTO)
  • Design, Build and Sell Scheme (DBSS)

And also for a Bank Loan:

  • 1st Housing Loan
  • 2nd Housing Loan
  • 3rd Housing Loan
02:50

This lecture contains details about the Buyer's Stamp Duty (BSD) and Additional Buyer's Stamp Duty (ABSD) rates.

01:01

This lecture contains details about Mortgage Stamp Duty and the Disbursement Of Loan.

05:00

A Case Study is presented here for Mr and Mrs Ramly who intend to buy a 4-room HDB resale flat in Singapore.

03:27

This lecture contains an Activity for you to estimate the upfront costs of buying a HDB flat in Singapore.

Section 3: Assessing Your Resources and How Much You Can Afford
01:43

This lecture will help you assess your current resources to see if you can afford the costs involved in buying a home in Singapore.

02:04

This lecture describes how to use Sales Proceeds from your previous home to finance a new purchase.

05:08

This lecture describes how your CPF Ordinary Account may be used for initial down payments as well as monthly instalments.

01:50

This lecture describes how the CPF Housing Withdrawal Limits Calculator can be used.

The calculator is available online through the following URL http://www.cpf.gov.sg/cpf_info/calculator/vl/vl_input.asp?prof

00:31

This lecture contains details about using your CPF for purchasing a 2nd property onwards in Singapore. It also details what happens after you are 55.

01:23

Here we look at what happens after age 55 regarding using CPF for our housing loan.

00:44

This lecture contains an example what would happen if a 4-room resale flat has just less than 60 years of lease remaining.

Section 4: Deciding On An Appropriate Home
04:54

This lecture contains a Case Study of Mr and Mrs Goh, both aged 35, who are first-time home buyers.

The CPF Our First Home Calculator can be accessed using the following URL https://www.cpf.gov.sg/cpf_trans/ssl/financial_model/hac/step1.asp

00:34

This lecture contains details of extra costs involved in buying a home that the buyer needs to be aware of.

Section 5: Conclusion
01:28

In this video, we look at what we should take note of when engaging the services of a real estate salesperson.

07:32

Bob has to make a difficult decision that will change his life forever. Find out how he learns to buy a house within his means and much more...

This video was downloaded from http://www.youtube.com/watch?v=wBR7ilh1dnU&list=PLPQXfbBXFMvxXoT3xo4IGMKRwLThg9lUU

Article

This lecture summarises and concludes this e-learning module.

Article

This lecture contains links to additional resources where you can learn more about money matters pertaining specially to Singaporeans.

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Instructor Biography

Peggy Chan, Financial Literacy Trainer

Peggy Chan, Financial Literacy Trainer, Institute for Financial Literacy

MSc, CFP

Peggy has 8 years of experience in the financial services industry, helping clients understand their financial needs, objectives and risk tolerance as well as reviewing company policies and procedures to ensure compliance. She was also an adjunct lecturer with a Polytechnic, teaching insurance and retirement planning subjects.

Prior to joining the financial services sector, Peggy was working in the information technology sector for 13 years, first in a government agency and subsequently served as a Senior Systems Analyst in an international bank.

She is a Certified Financial Planner, which is a professional certification specific to retirement planning and wealth accumulation in addition to overall financial planning.

Peggy has a Masters of Science, majoring in Network Management. She also holds other industry certification in M5, M8, M8A, M9 and HI.

Instructor Biography

Institute for Financial Literacy, Unbiased Financial Education Courses

The MoneySENSE-Singapore Polytechnic Institute for Financial Literacy is a collaboration between MoneySENSE, the national financial education programme in Singapore and Singapore Polytechnic.

MoneySENSE is spearheaded by the public-sector Financial Education Steering Committee which comprises representatives from the Ministry of Health, Ministry of Social and Family Development, Ministry of Education, Ministry of Manpower, Central Provident Fund Board, Monetary Authority of Singapore, National Library Board and People’s Association.

Our financial education courses cover basic money management, financial planning and investment know-how.

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