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Morning,

How much cash or CPF you need to prepare would depend on whether you are selling first or buying first. It will also be dependent on how much usable CPF OA you have in hand too. Not forgetting on how much loan you will be eligible to, be it selling first or buying first.
If you opt to buy the EC/condo first, you must have fulfilled your MOP requirement. If you are SC owners, you are not required by law to sell away your HDB unit. However, if your are SPR, you will be required to sell away your HDB unit within 6 months from key collection to your new residency.
As for the financing, my banker will be glad to work out the details with you.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Hi,

Having encountered these scenarios, will be glad to break down these on a case by case basis and give you the full picture on paper, as well as to share the pros and cons of each approach. For a start, you definitely have to fulfil your MOP of your HDB first before you can purchase EC/condo.

Can I understand your requirements further so as to value-add with a useful opinion? Thanks and hope to hear from you soon!

Warm regards,
Ivan ERA
 97432395 
Ivanng10@gmail.com Read More

Good morning,

Maybe you can share more information about your finances then I can work on your financial plan so I can further advise you whether you should sell or buy first.

If you decide to purchase a resale EC/ condo first, you have a period of 6 months from the purchase completion to sell off your current HDB.

You can obtain a 80% bank loan (still subject to TDSR) if you sell your HDB first or sign an undertaking letter that you will sell off your current HDB after your purchase.

If you need any assistance in your property needs, feel free to contact me. Cheers!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
ECG Property Pte Ltd
(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com Read More

Dear Sir/Mdm,

Below are my answers to your questions

1) How much cash/CPF that I need to prepare for?
How much cash/CPF you need depends on whether you have fully paid your HDB or not? And whether you intend to sell or buy your HDB first or not. Generally, you need to come out with at least 5% cash. Do take noted that ABSD is payable should you decide to buy first.

2) After buying EC/condo, how long must I sell the HDB or vice visa?
Again there can be many scenarios here, depending whether you are buying new launch or resale condo or EC. If you are buying new launch EC, you need to sell within 6 months after TOP. If you are buying resale EC or condo, there is no restriction when to sell as long as you have the financial mean to hold. IF you do need to sell, it is ideal to time the completion of the purchase approximately 1 month after the selling.

3) How to go about financing the EC/condo?
Usually, I will advise my client to speak to a banker first to determine the loan eligibility. Do take noted that deferment payment is available for new launch EC where you only need to initial payment, balance payment will start only upon TOP. For new lunch condo, it will be progressive payment.

Hope that I have answered your question, feel free to contact should you need any clarification.

Lastly, now will be the golden period to buy a new launch EC for the following reason
1) Next 5 new launch EC will be exempted from ABSD and resale levy, subsequent launch will be payable
2) The average psf for new launch EC will be $700 to $800 psf, compare to at least $1,000 psf for a new launch condo
3) EC tend to have a higher capital gain after5 years

Thanks and Regards
Johnny Goh
R018297H
Team Associate Director
OrangeTee.com Pte Ltd
Mobile: 90906267 
Email: johnny.goh@orangetee.com
Website: johnny-goh.com Read More

Hi,

Assuming your next property purchase is a $1m condo, here is the breakdown.

Purchase Price $1,000,000
5% Downpayment (CASH) $50,000
15% Downpayment (CPF/CASH) $150,000
Stamp Duty $24,600
ABSD N.A.
Legal Fee $2,500 (estimated)

Judging from your current situation, you might need to cash out by selling your HDB before you proceed to purchase your condo, as you do not have the sufficient funds to go ahead with the purchase first.

Of course, there are other factors beyond these few, like bank assessment, max loan etc.

Do let me know if you need me to sit down with you to do a more detailed financial plan before proceeding.

I can be reached at 97486305  .

Best regards,
Robbie Chen
Propnex Realty Read More

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