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Hi BK,

Based on your financial situation, wait out and buy a pte condo may not be an option due to the Minimum Sum Scheme on your CPF as well as a 60% loan limit for your 2nd mortgage loan.

Certainly you could utilise your CPF and cash to clear the existing mortgage loan so as to qualify for 80% loan again but that would also means you'd need to come up with another $200K cash as downpayment and stamp fee for a $900K pte condo.

As such, selling the EA and having $623K of combined cash & CPF to buy a EC may make a lot more sense for your family in my opinion.

Best regards,
Jeron Lee
Jones Lang LaSalle Residential
Mobile/WhatsApp: 9001-5060 
Email: jeron.lee@jllassoc.com Read More

Hi BK,

Based on your current financial outlay description, I'd think that in order to comfortably finance the purchase of a PC, you will likely need to sell your EA.

Should you decide to hold out this peak period before going into the market for purchase of the PC, it is also likely that prices of HDB will follow suit. It will greatly depends on your financial commitments by then to give you sound advise. Of course, all buyers would want to buy low and sell high, the magic question will be how comfortable financially the buyer is in that environment. I always advise my clients against stretching their financial commitment for any purchases.

Ultimately, I'd assume that your purchase of PC is for self occupation, therefore why not look into selling your EA now when demand and price are healthy. No doubt that prices for purchasing is at its peak now, but if you are purchasing for self occupation and affordability is not an issue, I certainly do not see the downside of this move.

Regards,
Geryl LIM
Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565 
Email: lim.geryl@yahoo.com.sg Read More

Hi;

One plus point that are worth considering when applying to buy brand new EC would be the Deferred Payment Schemes for you case.You are not required to sell your HDB right now and you can get 80% loan(subjected to approval by bank) to finance for your EC.You are only required to sell your current HDB within 6 mths upon TOP of EC.So for the time being while its still under construction,you will still have a roof over your head.I have a few new ECs launching soon in Punggol / Fernvale / Woodlands..Please feel free to contact me for more info.Thanks

Regards;
Lyna ERA
appointed marketing agency for new ECs
 96238442 
lynasong@hotmail.com
R025113I Read More