Asked by Anonymous
Hi Gurus,
I currently own HDB flat and am thinking of purchasing a private condominium as am no longer eligible to purchase an EC.My HDB house is not fully paid and I intend to sell it upon completion of the condo. Question is, at the moment, how much of my CPF can I use to pay for the condo? Details of my balances are as follows. Can I use the full amount that is currently available in my ordinary account? Thanks!
Total current CPF balance (Ordinary) - $160k
Outstanding HDB - $190K
Total CPF already paid to HDB - $205k
I currently own HDB flat and am thinking of purchasing a private condominium as am no longer eligible to purchase an EC.My HDB house is not fully paid and I intend to sell it upon completion of the condo. Question is, at the moment, how much of my CPF can I use to pay for the condo? Details of my balances are as follows. Can I use the full amount that is currently available in my ordinary account? Thanks!
Total current CPF balance (Ordinary) - $160k
Outstanding HDB - $190K
Total CPF already paid to HDB - $205k
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the 77.5K that you mentioned is minimum sum?
If yes, then I believe you are incorrect based on the following CPF's statement?
"However, if you intend to sell your e
xisting property, the Board will allow a grace period for you to sell
off your existing property. During the grace period, the rule to set aside the Minimum Sum will not
apply. The grace period is as follows:
(i) If you are buying a
completed property
–
a
grace period of six months will be given to
you to sell off your existing property; or
(ii) If you are buying a
property still under construction
–
a grace period of six months from
the issuance of Temporary Occupation Permit (TOP) will be given to you to
sell off your
existing property."
Taken from http://mycpf.cpf.gov.sg/NR/rdonlyres/70E8BE28-4305-4A39-BDF7-EA6D292E0408/0/Housingwithdrawallimit.pdf.
Secondly, if I sell off my HDB first, where am I going to stay then since the condo, at launch, will easily take 2 yrs to complete?