AskGuru Q&A Community

Good afternoon upgrader,

Great hearing from you!

Do take note that because you still have outstanding loan, you will only be able to obtain up to 60% thus your downpayment will be 40%.

But if you have an arrangement with a bank stating you will sell your HDB within 6 months from purchase, you will be able to obtain 80% loan thus downpayment will be 20%.

Maybe you can share more information about your finances such as outstanding loan amount, CPF utilised plus interest in this HDB, any not utilised CPF OA funds and cash on hand, I will be able to assist and advise you further with an financial plan.

I recently just met up with one client who is in the same situation as you.

Hope to hear from you soon.

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com Read More

Hi upgrader,

Sorry for the typo.

Do take note that as you still have outstanding loan, you will only be able to obtain up to 50% thus your downpayment will be 50%. (25% cash and 25% CPF/ cash)

Hope it clarifies.

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com Read More

Hi, selling of your hdb unit can be done concurrently with viewing and shortlisting of the condo unit. The process could be smooth and you will still have some time to renovate the condo unit which you bought but all these will require planning and proper timeline. Pls feel free to let me know if you need any assistance.

Regards
Aaron
 97308455 
aaronchong2774@yahoo.com.sg Read More

Hi,

For upgrading in this manner, it is best to work out the financing and timelines properly so the transition is smooth and hassle is minimized. As long as you have made a written declaration to the bank you are working with that you will be offloading your HDB flat within 6 months of key collection to condo, the financing of 80% is possible. Thanks and may I understand your housing plans further before further value-adding?

Warm regards,
Ivan ERA
 97432395 
Ivanng10@gmail.com
Www.ivanng10.com Read More

Dear Sir/Mdm,

Thanks for your post in Propertyguru and congrats on your plans to upgrade!

Basically it is possible to do the selling and the buying concurrently but there will be a few points to take note. First, if you have an outstanding loan, banks will only loan you a max of 50% for your next purchase with 25% being in cash and 25% in CPF. If you want to use your CPF, you will also need to ensure that 50% of CPF minimum sum is fulfilled.

What I would recommend is actually for you to start the selling process first and we can also start the viewings of the condos. When the buyer has committed to our HDB, then we can also commit to the private purchase. Definitely in between the transactions and negotiations, we will need to take note of the timeline and make sure that everything falls nicely into place.

Under the current market sentiments, it is definitely more advisable to start the selling process first and seriously, there are really many private properties in the market for us to choose from. So we won't really have an issue of not being able to find a house for you.

If you are fine, maybe we can meet up for a discussion but no worries, there are no obligations at all. We can just take it as a chat. I can take the time to share more with you, especially on the current market trends and where it may be leading to.

Over my time in this industry, I have served many clients and many of them are now my friends. Many of them have also left testimonials for me and if you are available, you may read them on my website, www.jeffreyheng.com. I was also very honoured to be nominated by my clients and subsequently winning the SAEA Real Estate Excellence Silver Award for Best Client Service. I sincerely believe I should be able to provide the same level of service to you.

Looking forward to hear from you soon! Cheers!

Best Regards,

Jeffrey Heng
Branch Division Director
ERA Realty Network Pte Ltd
SAEA Real Estate Excellence Silver Award - Best Client Service
(2014)
SAEA Real Estate Excellence Award Nominee - Best Client Service
(2012/2013)

Mobile : +65 9858 1322 
Email : hengjeffrey@gmail.com
Web : www.jeffreyheng.com Read More

Hi,
Managing the time frame for selling and buying is an important for your case. An experience agent will able to advise and assist you closely during the transaction. This will solved your TDSR and the accommodation issues. Please drop me an email for me to share the details and procedures.

I can be contactable at my mobile or email.

CK Ang
 9046 3808 
res.ckang@gmail.com Read More