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Hi Gurus,

if I were to purchase a second property now with an outstanding loan from my current hdb, would the loan amount be 60% of the purchase price based on current mas ruling? If it have no outstanding loans , would the loan amount be 80% of purchase price? My total household income is 10k. No car loan and can repay outstanding hdb loan anytime. Thanks.
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1 Answer

Mike Lim
Replied
Afternoon Ben,

With existing mortgage loan in hand, you are only eligible for 50% loan. 25% much be paid in cash and balance can be paid using CPF (after setting aside the minimum sum) and cash.
However, if you have cleared your current mortgage loan, you will be eligible for 80% loan. 5% to be in cash and balance 15% can be in mixture of cash and CPF.

FYI
Mike Lim
 96929209 
m52i@yahoo.com
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