Understanding The Costs Of Buying A Home
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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:
The Costs Involved For A Resale Property include:
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.
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|Section 1: Introduction|
In this lecture, we look at the objectives of the module. Take note that the contents of this e-learning module are applicable in the context of Singapore.
In this Lecture, find out more about MoneySENSE's core financial capabilities:
In this lecture, we consider the objectives in Buying A Home. Ideally, your home should be purchased more because of Needs than of Wants.
Watch the video that can be found here: http://www.cpf.gov.sg/multimedia/videosite/detail_12.html
|Section 2: Understanding The Costs Of Buying A Home|
In this lecture, we consider the upfront costs of buying a home. Upfront cost include the downpayment, option fee, stamp duty, legal fees, cash over valuation and commissions.
In this lecture, we consider the Recurring Costs of home loans. We will also look at the Type Of Home Loans and the Reference Rates of loans.
In this lecture, we look at a sample Property Loan Fact Sheet and where you can find the following: Amount and Tenure, Lock-in period, Interest Rate Schedule, Repayment Schedule, Estimated Total Repayment, Rate Change Illustration, Effective Interest Rate and Penalty Fees.
In this lecture, we look at the issues of refinancing, defaulting on your loan and your loan quantum.
In this lecture, we look at details of the Maximum HDB Loan that you can obtain. Also included in this lecture is a personal activity and example.
In this lecture, we look at details of the Maximum Bank Loan that you can obtain.
In this lecture, we consider what happens to a loan when the borrower dies. This is a sobering but necessary question.
In this lecture, we consider further recurring costs of your home including Mortgage Insurance, Fire Insurance, Maintenance and Conservancy Changes, Utility Bills and Property Tax.
|Section 3: Conclusion|
This lecture summarizes the content covered in this module.
This lecture contains links to additional resources where you can learn more about money matters pertaining specially to Singaporeans.
|Quiz 1||5 questions|
Are you a smart home buyer?
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 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.