Asked by Mr. Wen De Chan
hello, i have a question:-
If i have 100k profit from the sale of my first flat. do i really have to use 50% of the proceed in CASH (which is 50k) for my next house if i take a second HDB concessionary loan?
"If you plan to apply for a second HDB concessionary rate loan, do note that the loan amount has to be reduced by using your full CPF proceeds and part of the cash proceeds from the sale of your current or immediate past HDB flats. You can keep the greater of $25,000 or half of the cash proceeds. The HDB will take into account the remaining part of the cash proceeds when determining the amount of the second loan to be granted to you."
Let's say i am buying a 500k flat, so based on the sentence quoted from HDB above..
can i use another 50k in my cpf or my spouse's to top up the shortfall in the loan amount from the 2nd HDB loan? Because i am aware that when you sell the house, you will get the cheque amounting to the full profit, and not 50% of the profit.
If i have 100k profit from the sale of my first flat. do i really have to use 50% of the proceed in CASH (which is 50k) for my next house if i take a second HDB concessionary loan?
"If you plan to apply for a second HDB concessionary rate loan, do note that the loan amount has to be reduced by using your full CPF proceeds and part of the cash proceeds from the sale of your current or immediate past HDB flats. You can keep the greater of $25,000 or half of the cash proceeds. The HDB will take into account the remaining part of the cash proceeds when determining the amount of the second loan to be granted to you."
Let's say i am buying a 500k flat, so based on the sentence quoted from HDB above..
can i use another 50k in my cpf or my spouse's to top up the shortfall in the loan amount from the 2nd HDB loan? Because i am aware that when you sell the house, you will get the cheque amounting to the full profit, and not 50% of the profit.
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