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Hi, i current own a HDB 4rm with MOP of 5 years already. Looking to upgrade to an EC with TOP approx 3 years later from now. Have to go for deferred payment scheme because i still have HDB loan ongoing. However, 5% cash and 15% CPF/Cash is needed for downpayment for deferred payment scheme. I didn't have enough for the 15% Downpayment. the last thing i would want to do is to Sell my 4rm now and then to stay with parents until my EC top. is there any loan/scheme that i can additionally take from bank for the shortoff of 50K for my initial downpayment??
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2 Answers

Wee-Ling Chew
Replied
Hi, property buyers are supposed to use cash only for the downpayment. If you do not have sufficient for the downpayment, you could consider reaching out to close family to see if they could help. Ultimately, you have to consider if your next step is financially prudent.

Cheers,
Wee-Ling
 9851-5470 
weeling.chew@gmail.com
www.sgnortheast-newlaunch.com
SLP Realty Read More
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Darren Ong
Replied
Hi Angie,

As banks will not loan purchaser the downpayment amount which is governed by the MAS rulings.

There is only 2 alternatives which you can consider:

1. reaching out to your close family member for help.
2. sell your current house and use the cash proceed to pay off but provided your current house gives you healthy cash proceed. But do bear in mind that going this way will means that you have to temporary stay with your parent until the EC TOP.

Please feel free to contact me should you need more help and advise. :)

Best Regards,
Darren Ong ERA
 +65 9383 9588 
DarrenOng.ERA@gmail.com Read More
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