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Hi gurus, I have a question for my father regarding our family house. My father is intending to downgrade from our 5 room flat bought at $160k in year 1997. Currently still serving the house loan but since he is over 55,have to pay cpf+cash top up.This 5 room flat is his 2nd subsidised flat bought from hdb. Is he eligible to buy, say a studio apartment or 2 room flat again? Or is he only allowed from open market? How about levies? Looking buying a smaller house whose cost can be offset from the sale of the 5 room flat and have some money for retirement as currently all cpf monies have been exhausted. Is there a way out? Appreciate all help and advise rendered greatly.
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1 Answer

Mike Lim
Replied
Morning Ali,

In accordance to the ruling on purchase of SA, your father need to add her spouse as co-applicant. Whatever levy payable will be used to off-set the purchase price of the SA. In the case where levy paid is higher than the purchased price, HDB will only cover till the price of SA and the balanced will still be paid to HDB.
As for how much money can be used from the current HDB unit, we will have to work with CPF board to get the result.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
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