Unfortunately yes, to secure a max 80% loan for your condo, you need to have sold your HDB, as current policies dictate that you can only get up to 80% bank loan for your 1st housing loan.
Is this under-construction project your only preferred choice and you definitely need 80% max bank loan? If so, you can consider to sell your current HDB first, rent for 2-3 years, while waiting for condo to TOP.
If you are flexible with your condo options, you should opt for resale properties (or projects closer to TOP), such as that you can do both sale (of HDB) & purchase (of condo) concurrently. A professional agent would be able to manage your timelines professionally and ensure you have a hassle-free transition with a detailed financial plan.
May I understand your requirements further so I can value-add better to your plans? Hope to have the opportunity to work with you. Thanks and please get in touch so we can discuss further.
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude
Contact: (+65) 97432395
CEA Registration Number: R052114D
ERA Realty Network: L3002382K
Facebook Page: www.facebook.com/ASAProp