Asked by
Helli
I owned a 3 Roon HDB flat at Changi Village. Me and my wife purchased this flat through the balance sale flat from HDB. I am intending to payoff the HDB loan through my CPF as I have enough to cover the amount.
When we bought the flat my wife was working. Now she is a housewife. I am the sole breadwinner. My monthly income is around $2.8k. I am intending to upgrade to a 4-room Flat.
Please advise on what is the procedure. Thank you!
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4 Answers

Hi,

May I know if the current flat has reached the MOP of 5 years? If so yes it is eligible for sale. May I know which location of the 4-room you are looking at?

It would be ideal to do some planning so that the transition can be smooth. I have worked on various hdb transactions and would be happy to share the best approach.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
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Hi Sir

If you do intent to sell the flat in the near future and upgrade, it is not advisable to pay off the HDB loan in full. This involves a complex explanation which I will share with you if we get a chance to communicate. I am specialised in HDB transactions and have seen some of my client regretting when they have made capital repayment to reduce their HDB loan in the past. I am also well au-fait with the selling and purchasing process and have assisted my clients in their upgrading plans smoothly. I will customised on the process of selling and buying based on each individual needs and circumstances as there is no 'one size fits all' method on this. If you do plan to upgrade now, you can make arrangement to market and sell the unit and your HDB loan will be redeemed during the selling process. There is no need for you to clear off your HDB loan now. As for your financial affordability to upgrade, I need a more detailed information in order to advise. Do contact me at 93375051  for a free and non obligatory discussion on this.

Regards
Taufik Hussein
ERA Realty Network Pte Ltd Read More
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Dear Sir,

To upgrade, we will first need to find out whether it is financially comfortable for you to do son since now you are the only person. It will be good to first find out how much you can borrow and how much sales proceeds you can get back from the sale of this current HDB before proceeding further.

Please feel free to contact me so that I can examine the sums for you and advise you on the next steps!

Regards,
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Dear sir,

You need not fully pay off the loan of your current HDB before upgrading to a 4 room flat. The feasibility of upgrading to a 4 room flat from current 3 room flat largely depends on these 2 factors:

1) Eligibility for home loan - assessment based on age and income as well as current financial commitment
2) Sales proceeds from the current HDB sale on top of your existing CPF funds available as well as cash available on hand.

I have been in the real estate business since 2009, with more than 10years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

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