Asked by Y THING WONG
Hi Guru, my husband and I currently own a 5 room flat and know that the resale value is around $400K (conservative). We have a small remainder to pay off for the HDB loan. We are interested in a small condo which is around $550K. How does the finances work out? 5% downpayment (cash), 15% (CPF). Can we use the proceeds from the sale of the HDB flat towards part payment for the condo so that we can take up a smaller and shorter tenure loan from the bank? Or does CPF requires us to retain a certain floor amount in the CPF O/A after the sale? Also, if we use the same agent to sell and/or co-broke with another agent, how does the commission go about? How much will the legal fees (stamp duty) be like? Please advise.
965 views
