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Dear Gurus, I am considering to sell my HDB EA (with outstanding loan), and get a re-sale condo.
Assuming after deducting outstanding loan from the sales proceeds, there is not enough to cover principal amount and accrued interest in CPF, I suppose this means there is no cash back.
With no cash back, does a bridging loan still make sense? Lastly, is there a cap of 70% or 80% loan if I have an existing mortgage loan? Thanks in advance.
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1 Answer

Mike Lim
Replied
Afternoon,

In the case that you have described, I would assume that you are reference to CPF loses. With such transaction, it would be wise to work out your financial liquidity prior to getting into another purchase. It also allows you to work out how much more cash you need to pump in, for your next purchase.
If you have existing mortgage loan, the bank will grant a max of 60% loan, for the next purchase.

Do feel free to contact me for further discussion

Regards
Mike Lim
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  • TM
    Replied
    Hi,

    Thanks for the reply. I'm ok with 20% downpayment. But would have an issue with 40% downpayment. Looks like I need to talk to some banker to see if I could get 80% loan (in view that I would be selling the HDB if there is a suitable condo unit).

    Thanks.

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