We’ll explain COV in greater detail later, but it means they agreed to purchase their flats above market value .Ick.
If you proceed with the purchase, your home loan will be based on $550,000 as the total amount. You’ll have to pay the $50,000 COV in cash — and that’s on top of your down payment. HDB resale prices can vary hugely among similar-sized units in the same HDB town, though. A freshly-MOP-ed unit near the MRT station can fetch way higher prices than one in the outskirts of the ‘hood.
This flat’s asking price of $660,000 is $60,000 more than the highest transacted price of $600,000. So it’s quite likely to incur cash over valuation.
Source: News Formal (newsformal.com)
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