Asked by Mr. Stan Lee
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?
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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