AskGuru Q&A Community

Question

Home Financing

Asked by Anonymous 16 Jul 2015

Hi, I am a 40 year old single SC. I've inherited my dad's 3 room HDB flat 10 years ago. This flat is fully paid too.
I do not own any other property.
For the past 3 years, I've fully rented out this flat and get a steady income of at least $1.9k per month.
I am interested in purchasing a condo $600k-$700k. Am I eligible to use my CPF to pay for the 15% downpayment? Can I use the rental income to pay off the 80% bank monthly loan? please help..

647 views

Upvote Upvoted

2 Answers

Previously Asked Questions

Zheng Yanhui(Alex) · Answer 1 · 2015-07-16T09:17:49+0800

Zheng Yanhui(Alex)

Replied 16 Jul 2015

Hi ,

You are allowed to use CPF monies to pay for the 15% downpayment after you have set aside half of prevailing minimum sum which is around $77500. You can use rental income to pay the monthly loan. Do contact me at 9273 6096 for further discussion on your next house purchase :)

Regards
Alex
ERA
HP:9273 6096
email : Zheng_yanhui@hotmail.com Read More

1

Upvote Upvoted

Ivan Ng · Answer 2 · 2015-07-16T10:29:31+0800

Ivan Ng

Replied 16 Jul 2015

Hi,

Yes you can use CPF in excess of 77.5k (half of minimim sum) for your 2nd property purchase. Please take note 7% ABSD also applies, and yes you can use rental income to pay off the loan.

Thanks and may I have your requirements further such as preferred location, size so as to value-add to your housing plans further?

Warm regards
Ivan ERA
97432395
Ivanng10@gmail.com
Website: http://www.ivanng10.com/#!reviews/c11r1
(Client's Testimonials) Read More

Upvote Upvoted

AskGuru Q&A Community

2 Answers

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

AskGuru Q&A Community

Want this question answered?

2 Answers

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours