Asked by siti hajar
Dear Agent
I am currently living at 3 room, 818A Choa Chu Kang (CCK) Ave 1 (high floor). My MOP is Aug 2021.
In 2016, special approval was granted by HDB for me to own a HDB home despite owning an overseas property in Malaysia. After 5 years of living in this unit, I am thinking of upgrading my home as my family size is increasing and the space is a little to cramp to meet our existing needs.
As I wish to seek advice from the housing experts (i.e. property agent), I wish to be transparent of my expectations so that I can get the best advice possible.
(a) I bought the 3 room HDB BTO priced at $180,190 in 18 Aug 2016. I borrowed $100K from the bank loan and have completed the loan payment via CPF.
(b) I was thinking of upgrading to HDB Executive Masonite (EM) in CCK (near to parents) which cost about $700K to $850K.
(c) I am currently contributing $1,007.78 monthly to my OA and have $36,492.71 in my Ordinary account.
(d) My husband is currently contributing $650 monthly to his OA and have $7,669.46 in his Ordinary account.
(e) I intend to use the profit from sales proceeds to set pay off $60K car loan.
(f) I wish to retire at 55 years. I know that HDB EM may not give me positive returns if I intend to sell it given the decreasing lease period. So, I need advice if buying EM is the way forward, or do I have other alternatives?
(g) I do not wish to top up any cash for my next housing loan.
(h) I want to know by the time I am 55 years old, how much do I have in my CPF ( after deducting away the housing loan)?
(i) I want to know will I be able to meet the min. retirement sum;
(j) I want to know if there is any exit strategy should I be am not able to service my loan (e.g. would the house be sellable; how long can I sustain)
I will be engaging a few agents for advice before settling on one. Please advice if you are charging any fees for this consultation assuming I do not engage you further.
Appreciate your reply and assistance on this.
I am currently living at 3 room, 818A Choa Chu Kang (CCK) Ave 1 (high floor). My MOP is Aug 2021.
In 2016, special approval was granted by HDB for me to own a HDB home despite owning an overseas property in Malaysia. After 5 years of living in this unit, I am thinking of upgrading my home as my family size is increasing and the space is a little to cramp to meet our existing needs.
As I wish to seek advice from the housing experts (i.e. property agent), I wish to be transparent of my expectations so that I can get the best advice possible.
(a) I bought the 3 room HDB BTO priced at $180,190 in 18 Aug 2016. I borrowed $100K from the bank loan and have completed the loan payment via CPF.
(b) I was thinking of upgrading to HDB Executive Masonite (EM) in CCK (near to parents) which cost about $700K to $850K.
(c) I am currently contributing $1,007.78 monthly to my OA and have $36,492.71 in my Ordinary account.
(d) My husband is currently contributing $650 monthly to his OA and have $7,669.46 in his Ordinary account.
(e) I intend to use the profit from sales proceeds to set pay off $60K car loan.
(f) I wish to retire at 55 years. I know that HDB EM may not give me positive returns if I intend to sell it given the decreasing lease period. So, I need advice if buying EM is the way forward, or do I have other alternatives?
(g) I do not wish to top up any cash for my next housing loan.
(h) I want to know by the time I am 55 years old, how much do I have in my CPF ( after deducting away the housing loan)?
(i) I want to know will I be able to meet the min. retirement sum;
(j) I want to know if there is any exit strategy should I be am not able to service my loan (e.g. would the house be sellable; how long can I sustain)
I will be engaging a few agents for advice before settling on one. Please advice if you are charging any fees for this consultation assuming I do not engage you further.
Appreciate your reply and assistance on this.
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