AskGuru Q&A Community

Evening Edwin,

What matters are you confused with?

Warmest Regards,
YT TAN
Senior District Manager
R043025D
(M): 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W1): www.yttan.com
(W2): yttan.stproperty.com.sg/
ECG Property Pte Ltd Read More

Evening Edwin,

At this current moment, on SC who have fulfilled their MOP on their HDB units have high chances of renting out their HDB unit and stay in the private property which they have bought. Being able to clear your existing mortgage loan is like to deplete your saving. As you have utilized CPF for your current mortgage, you might realised that you are also required to set aside the CPF minimum sum before you are eligible to use the balance for your second purchase. This would then increase the cash requirement for the purchase so as to make up the 20%. I'm sure you should be quite sure of this part of the story. Hence are you confused on how renting out your HDB can help you grow your asset or how the purchase of private property can make you richer? In order for us to help you, you must be clear of what confuses you.

Regards
Mike Lim
 96929209 
ERA Read More

Hi Edwin,

As a SC or PR, one may purchase a private residential property while keeping the HDB if finances of the individual be able to support both properties. As Mike has mentioned, one will be required to set aside a prevailing sum in CPF prior to utilizing it for the 2nd property purchase, thus proper financial outlay must be planned. By paying off your existing loan, I supposed you are trying to achieve 80% loan for your next property? I am assuming that your confusion is due to the financial portion therefore if I am right, you may wish to seek advise from a professional financial guru?

Regards,
Geryl LIM
Senior District Manager/Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565  /+65-92787772
ECG Property Pte Ltd (L3009759F)
Dynamic Alliance Group @ http://www.dag.com.sg/
ECG Landed Dynamic Alliance (Home of *7772 Hotline) - We Sold More Than 100 Landed Homes
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