Understanding The Costs Of Buying A Home
- internet access
- working knowledge of Singapore's Central Provident Fund (CPF)
- access to various bank loan information in Singapore
The home that you buy should satisfy your family members' and your present needs as well as future needs. In this e-learning module, we will consider the costs involved in buying a home in Singapore.
The Costs Involved For A New Property include:
- Option Fee
- Down payment
- Legal fees
- Stamp Duty/Fee
The Costs Involved For A Resale Property include:
- Cash-Over-Valuation (COV)
- Valuation Fee
- Agent Commission
We will also look at the concept of a Home Loan and Types Of Home Loans.
Next, we will look at the Residential Property Loan Fact Sheet, Refinancing the home loan, Defaulting on your loan and your Loan Quantum.
The Maximum Loan Quantum for an HDB loan and Bank Loan will also be considered.
In our next E-Learning module, we will consider the detailed steps in calculating the costs involved in buying a home, assessing your resources and how much you can afford and finally how to decide on an appropriate home.
Who this course is for:
- working adults
- those in Singapore who are looking to buy a home
- those who are interested in the Singapore housing system
- newly weds
- those planning to start a family
- 01:16Introduction and Objectives
- 01:33MoneySENSE Core Financial Capabilities Framework
- 02:00Understanding Your Objectives In Buying A Home
Peggy Chan, Financial Literacy Trainer, Institute for Financial Literacy
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.
The Institute for Financial Literacy is a collaboration between MoneySense and Singapore Polytechnic Enterprise.
Our financial education courses cover basic money management, financial planning and investment know-how.