How much PR has to pay monthly for 1,200,000.00 HDB?

To determine the monthly payments for a $1,200,000 HDB flat, several factors need to be considered, including the loan amount, loan tenure, and interest rate.

Loan Amount

For an HDB loan, you can borrow up to 90% of the flat's value or the selling price, whichever is lower. However, for a bank loan, the maximum is 80%.

- Assuming an HDB loan: $1,200,000 * 0.90 = $1,080,000
- Down payment: $1,200,000 * 0.10 = $120,000

Loan Tenure and Interest Rate

Typically, HDB loans have a maximum tenure of 25 years, and the interest rate is around 2.6% per annum.

Monthly Payments

Using EdgeProp's Mortgage Calculator, here is a rough estimate:

- Loan amount: $1,080,000
- Loan tenure: 25 years
- Interest rate: 2.6% per annum

The estimated monthly mortgage payment would be approximately $4,800.

Additional Costs

In addition to the mortgage payments, you should also consider other costs such as property taxes, maintenance fees, and any other ongoing expenses associated with owning the property.

In summary, a PR buying a $1,200,000 HDB flat could expect to pay around $4,800 per month for the mortgage, assuming a 25-year loan tenure and an interest rate of 2.6% per annum.