Asked by Mr. Chris Tan
Can i use CPF to buy & service a condo after clearing my current flat loan (private loan)?
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1 Answer
Hi Mr. Chris,
Yes if you clear your outstanding loan, your next loan can be up to 80% of purchase price of 2nd property, subject to Bank's assessment and TDSR requirements.
If you wish to use CPF for 2nd residential property, only CPF monies in excess of 1/2 of your Minimum Sum (MS is 155K now) can be used, if you are below 55 years old.
There will also be ABSD of 7% if you are a citizen. May I understand your housing plans further before recommending your preferred investment property? Will be glad to do detailed calculations. Thanks and will be glad to speak to you soon!
Warm regards,
Ivan ERA
97432395
Ivanng10@gmail.com Read More
Yes if you clear your outstanding loan, your next loan can be up to 80% of purchase price of 2nd property, subject to Bank's assessment and TDSR requirements.
If you wish to use CPF for 2nd residential property, only CPF monies in excess of 1/2 of your Minimum Sum (MS is 155K now) can be used, if you are below 55 years old.
There will also be ABSD of 7% if you are a citizen. May I understand your housing plans further before recommending your preferred investment property? Will be glad to do detailed calculations. Thanks and will be glad to speak to you soon!
Warm regards,
Ivan ERA
97432395
Ivanng10@gmail.com Read More