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Hi gurus,

I own a resale 5-rm HDB flat w/ no HDB concessionary loans / CPF grants. I want to buy a 5-rm BTO priced at $680k ($700k incl stamp duty and fees).

On my single income of $7.3k a month, I can get HDB loan of $482.5k i.e. balance of $217.5k downpayment. I'm eligible for staggered downpayment (1st timer, wife <30y). Assumption is I will need to pay $35k when signing the lease, and the balance of $182.5k when collecting the keys.

I estimate I will have a $157.5k CPF/Cash balance after selling my current flat and minus off the loan. I want to pay for the new flat with the $157.5k, and top up $25k.

I plan to convert my HDB loan to a bank loan after collecting keys. I am taking HDB loan from the start is to avoid 20% downpayment + take advantage of HDB staggered downpayment. My friend told me I could delay collection of keys by up to 6 months, while I try to sell off my current flat, which I plan to do as I do not want to rent in between.

Does my plan sound feasible?
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2 Answers

Robbie Chen Chee Howe
Hi Stan,

On paper, it looks pretty straightforward. But BTO is a long wait, and circumstances may change along the way. Hence, there is a chance that you may have change of plans.

Have you really sit down and assessed all options that are available to you? And also, why the purchase under your single income? Is your wife not working?

Should you need any further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you and your partner in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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Dear Sir/Mdm,

Your plan sounds good. It is definitely achievable with proper planning in terms of timeline and the finances.

It is also possible to time the sale of your current flat and collect your new BTO keys in a seamless manner without the need for a temporary place to stay. In fact, I have helped my clients to achieve this.

Please feel free to contact me so that I can understand your situation better and provide you with further assistance!

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nick-tan.com

Testimonial from Satisfied Clients (2016)
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