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Morning,

With the amount of saving you have at hand, you should be able to get a property of around $950k, factoring in the stamp duty and legal fee. Do also note that if your current HDB have being paid using CPF, you are require to fulfill your CPF minimum sum when using CPF to settle your upcoming mortgage. You are also required to fulfill your MOP requirement for your HDB unit. If you are PR, you might want to include the buyer's stamp duty as one of your expenses. There are more to consider so feel free to contact me if you require further assistance.

Regards
Mike LIm
 96929209 
CEA Reg No: R026708F
Email: m52i@yahoo.com
ERA Read More

Hi Potential condo buyer,

You have to understand first your HDB unit has to fulfill the applicable minimum occupation period before you can proceed on to purchase private condo.

If you are eligible, you have to work out your finances. Since you dont have any outstanding loan, you will be eligible for bank loan that will be up to 80% of valuation/ purchase price. 20% downpayment will make up of 5% cash, 15% CPF.

1) CPF. you have to bear in mind that you have to leave a minimum sum in your CPF account before proceeding to buy another property.

Whatever amount left in your CPF account after leaving aside the minimum sum plus your cash on hand of $250k, you can use it to utilise for 20% downpayment, buyer's stamp duty and legal fees.

FYI it will be good to obtain an in principle approval from banks before you proceed to house hunt.

Once you work out your finances and gotten advice from bankers on your probable loan amount, I will say you are safe to proceed on with your property search.

Hope I will have the opportunity to assist you with your property purchase.

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