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Good morning Lawrence!

Let me assist you with your enquiry based on $900k purchase and you have sold your HDB (no outstanding mortgage).

Purchase price: $900k
5% cash downpayment: $45k
15% CPF OA funds/ cash downpayment: $135k
Estimated 3% buyer's stamp duty: $21.6k
Legal fee: $2.5k to $3k
Valuation fee: $400 to $600
Stamp duty for mortgage: $500.

Yes normally you have to pay BSD in cash first and it will only be reimbursed if you have excess CPF OA funds after utilization on 15% CPF OA downpayment.

For your case, you can put up your HDB for sale and at the meantime, start house hunting for new house. You can take up a bridging loan to make up the $$$ difference in purchase and/ or request for temporary occupation extension from HDB buyers for renovation purposes (can save on rental expenses).

Hope my explanation helps!

If you need any assistance in your property needs, feel free to contact me. I can forward you some flowcharts for explanatory purposes too.

Hope to hear from you soon, Lawrence!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
District Director
R043025D
ECG Property Pte Ltd
(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com Read More

Hi Lawrence,

for condo purchase of 900K, breakdown as follows:
cash 5% 45K
cpf 15% 135K
max bank loan 80% 720K
stamp duties (BSD + ABSD) approx 10% 90K
legal fees 3K.

If you can sell your HDB within 6 months of key collection to condo, you can apply for refund of the 7% ABSD. Stamp duties can be paid for by CPF, if there are sufficient monies in the OA account and the timelines managed well. Whats your plans? to sell HDB and upgrade or to keep both HDB and private?

if you intend to keep both HDB n private, the terms will be more restrictive. For example your 2nd bank loan will be only 50%. Thanks and hope it helps. Hope to have the opportunity to work together.

Warm regards,
Ivan ERA
 97432395 
ivanng10@gmail.com Read More

Afternoon Lawrence,

The downpayment, ABSD and CPF usable will depend on the following few factors:
1) Are both or either of your SC?
2) Is the current unit under joint or single ownership?
3) Is your HDB fully paid for and did you utilized CPF for your current unit?
4) Are you looking at selling your HDB unit to facilitate the purchase of your private property?
5) Based on your TDSR and MSR, the mortgage amount will differ which would also impact your cash flow requirement.

Do feel free to contact me if you are keen to understand your situation better.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Hi, do you like to know how to own 2 properties with min cash, min stress yet getting passive income? How to avoid ABSD ? Do you like to know the cost breakdown and the financial work out of selling the HDB and purchase a condo ? Please drop me an email for me to share.

I am reachable at my mobile or email.

CK Ang
 9046 3808 
res.ckang@gmail.com Read More