Asked by Kupta Anil
Assuming I'm buying a condo unit at a purchase price of $1.4m when its market value is only $1m. Were I to pay $600k with my CPF funds and $50k with cash, will the bank loan me the remaining $750k, since anyhow it is still within 80% of the valuation price of $1m?
Put in another way, if I were to first loan $750k from the bank and pay $50k in cash, can I withdraw an amount of $600k off my CPF account since it is still within 100% of the 'valuation limit', which is the market price, which is $1m?
Simply put, is there a 'cash over value' requirement for private properties, or can any amount over the market value be paid with either CPF or bank loan?
Put in another way, if I were to first loan $750k from the bank and pay $50k in cash, can I withdraw an amount of $600k off my CPF account since it is still within 100% of the 'valuation limit', which is the market price, which is $1m?
Simply put, is there a 'cash over value' requirement for private properties, or can any amount over the market value be paid with either CPF or bank loan?
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