Asked by Lim
Hi, I am looking at selling my Tampines 4room property for around $550k. CPF and accrued interest so far is $135357. Outstanding HDB mortgage is $249432. If I buy an executive apartment at $780k (say valued $750k, COV $30k) and I take a bank loan. For downpayment, I got to pay 5% in cash ($37500) and 15% in CPF ($112500 which can be covered by the money returned to our CPF accounts). So total cash payment is around $67500. Am I right? For simplicity sake, I have removed the calculation of stamp fees and other fees that should be around $20k but is coverable by the bank loan?
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