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Hi gurus, Understand the hdb loan is prorated if i buy an older flat (Age Y1991 / Flat Y1981), as such any way to overcome this instead of paying the additional in cash upfront upon purchase? Or is this upfront cash able to be split in the HDB loan period?
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5 Answers

Whatever amount of shortfall from the loan after your initial deposit will have to be paid up front upon completion of the transaction. Are you purchasing this as a single?

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Hi, appreciate your sharing. It depends on the age of the property or your current age.
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Hi,

1) Let me illustrate your situation in numbers for easier understanding.
2) Assume you are buying a flat at $500k, and your HDB loan supposed to be $400k (max. 80%).
3) Now you are only able to get 75% which is $375k, the shortfall is $25k.
4) If you have sufficient funds in your CPF OA to pay for this difference, you may utilize it to top up.
5) You are expected to have sufficient funds for the 25% downpayment, in terms of cash and CPF funds.
6) However, the lease of the flat is not able to cover you till the age of 95. The utilization of funds from the CPF will also be pro-rated.
7) Now that you have utilized earlier to top up the difference
8) It means that maybe after 15 years paying for the mortgage with your CPF. The CPF will stop you from withdrawing funds from the OA to pay for the remaining mortgage.
9) You will have to pay the monthly mortgage using cash only.
10) It is not advisable to do so.
11) You will need more cash if you get married and have kids along the way; for education, etc.
12) You are unable to withdraw funds from the CPF since you have not reached 55 years old. So you might be forced to sell your flat later where the flat has a remaining lease of only 41 years.
13) You will be at a huge disadvantage in buying another flat by then.

Please give me a thumbs-up if the answer provided is relevant to your main concern. Thanks!!!

Hope the above answers your main concerns, but if there are more queries, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
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ou're right, if you're buying an older HDB flat in Singapore (built in 1981) and your youngest applicant is born in 1991, the HDB loan will likely be prorated. This means the maximum loan amount you can get will be lower than for a newer flat. Here are some options to consider regarding the down payment:

Down Payment Options:

Increase Cash Downpayment: You'll need to increase your initial cash down payment to cover the difference between the purchase price and the amount you can borrow with the prorated loan. Read More
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