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Currently, I am staying in a hdb unit in AMK with about 80 percent loan paid. My unit should be able to sell at 500k to 600k. How can I upgrade my HDB to a new pte Condo(700k to 800k) without selling my current home first? How much cash must I have? Is it possible to mortgage my hdb unit to bank for finance of the new Condo unit?
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1 Answer

Mike Lim
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Afternoon KK,

You are not able to put your unit to bank in exchange for mortgage for your next purchase.
You are only eligible to keep your HDB unit, upon key collection of your second property if you are Singapore Citizen. If you are PR, it's stated clearly that you are required to sell away your HDB unit within 6 months from key collection.
Since you have existing mortgage at hand, you are only eligible for 50% loan, provided your income status, credit record and loan period is within MAS requirement. Downpayment of 50% is required. 25% cash and balance 25% can be in either CPF or cash. Do note on the CPF minimum sum required.

Do feel free to contact me if you require further assistance.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
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