AskGuru Q&A Community

Get answers from PropertyGuru experts in 24 hours

Asked by
Hi all, I'm planning to get a resale 3-rm flat which is about 38 years old so the remaining lease is about 61 years...I'm getting a bank loan with a lock-in period of 3 years...my question is after 3 years if I were to re-finance the flat, I must pay with cash since my flat lease will be less than 60 years and I understand that I can't pay with my CPF anymore...is my understanding correct ? Appreciate some advice from the experts here.. Thanks~!
0 •
464 views
Upvote Upvoted
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

2 Answers

Mike Lim
Replied
Morning JL,

To my understanding, bank should be able to loan you till the unit reach the age of 60 y/o.
But it's true that as the unit age, it would be more difficult for banks to grant you the refinanicing. And to refinance, you need to calculate your gain against your lost.

If you require the assistance of banker, do feel free to contact me.

Regards
Mike Lim
 96929209 
ERA Read More
0
Upvote Upvoted
Catherine PANG
Replied
The S&P process needs careful and confident planning with resale checklist submission especially HDB, CPF, bank and lawyer etc. Recently my client 'suddently' bought a dream condo while 'holding on' to a HDB flat. They needed the extra 'funds' for the condo. Hence, after a series of planning, discussion and deliberation, they finally decided to sell their HDB unit. If you want a consistent S&P process, call us for an opinion. The stress relief effort is enormous and the commission is insignificant. Check this site: www.catherinepang.com Read More
0
Upvote Upvoted

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Ask Your Question
Previously Asked Questions