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Home Financing

Asked by dafrog 1 Oct 2012

Hi, I am currently staying in D&B HDB in sengkang, 4rm flat. As it is nearing MOP, I would like to consider my housing options, 1. I would like to move closer to my inlaws in tampines 2. I would like to explore the possibilities of buying a condo and rent out the hdb. How would that be possible? I have currently 50% of the loan left to pay off, I have the ability to pay off the entire amount using my CPF OA Account, would doing so be advisable? And let us say I paid up fully, my new loan amount for the condo is 80%? Otherwise, I can only loan 60%? How would I be able to finance the 40% using CPF and cash combined?

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Mike Lim · Answer 1 · 2012-10-02T10:49:14+08:00

Mike Lim

Replied 2 Oct 2012

Morning Dafrog,

To facilitate such move, you need to consider the following:

1) By getting a 60% loan, do you have enough cash and CPF to finance the 40%? If you were to get 80% loan, would that make your financial status tighter, after paying up the 50% outstanding on your HDB loan?
2) How much loan are the bank able to disperse to you, based on your income status, age and credit record?
3) Matching the size of units available, along with your preference and budget.

Do feel free to contact me for detailed discussion.

Regards
Mike Lim
96929209
ERA Read More

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