{"id":42193,"date":"2021-08-14T10:00:51","date_gmt":"2021-08-14T02:00:51","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=42193"},"modified":"2022-06-13T17:27:35","modified_gmt":"2022-06-13T09:27:35","slug":"expenses-first-timer-bto-flat-buyers-may-overlook","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/expenses-first-timer-bto-flat-buyers-may-overlook\/","title":{"rendered":"Expenses First-Timer BTO Flat Buyers May Overlook"},"content":{"rendered":"
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Planning to buy a flat at one of HDB\u2019s sales launches, and working out the math for your future home? Besides the purchase price of the flat, there are other costs and fees that you will need to pay at various stages of your flat buying journey.<\/p>\n

Booking Your Flat<\/strong><\/h2>\n

When you book your flat, you will need to pay the\u00a0option fee<\/strong>, which varies based on the type of flat you\u2019ve booked:<\/p>\n

\n\n\n\n\n\n\n
Flat Type<\/strong><\/td>\nOption Fee<\/strong><\/td>\n<\/tr>\n
4\/ 5-room and Executive Flat<\/td>\n$2,000<\/td>\n<\/tr>\n
3-room<\/td>\n$1,000<\/td>\n<\/tr>\n
2-room Flexi flat<\/td>\n$500<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

The good news is that the option fee is considered as part of your downpayment, which you pay when you sign the Agreement for Lease (more on that later). If you\u2019re taking up an HDB loan, the option fee will be reimbursed in full if you have enough money in your CPF Ordinary Account (OA) to make the downpayment. Otherwise, it will go towards the cash portion of your downpayment.<\/p>\n

For bank loans, the option fee will go towards the cash portion of your downpayment.<\/p>\n

\"HDB<\/p>\n

Signing of Agreement for Lease<\/strong><\/h2>\n

Besides the downpayment for your flat, you will need to pay\u00a0stamp duty and legal fees<\/strong>, which includes conveyancing fees. Basically, you pay HDB \u00a0to act as your solicitor in the purchase and\/or mortgage of your flat. In contrast, for other property transactions, you would typically get a private solicitor to act on your behalf.<\/p>\n

You can use IRAS\u2019 handy\u00a0Stamp Duty Calculator<\/a>\u00a0to calculate your stamp duty. For conveyancing fees, the rates are:<\/p>\n