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Hi,

I have a 5RM HDB flat under Joint Tenancy with my spouse. We have 100k loan left with HDB and the current valuation of our flat is around $720k.

We are considering to upgrade to a good size condo. However, we may not be able to chalk out the 20% down payment at the moment if we intend to keep our HDB flat.

Thus, I would like to know whether there are any walk arounds should I want to get a condo and keep my existing HDB flat?

Thanks.
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1 Answer

Mike Lim
Replied
Afternoon,

If your intention to keep the HDB unit is firm, most bank can only provide you with max of 50% loan, since you still have outstanding mortgage loan at hand. Other than 50% downpayment, you also need to work on the 7% ABSD, if you are SC owner. If you are PR owner, I'm afraid that selling of your HDB upon key collection of your HDB unit, is essential. Let's say that you are really into upgrading to condo, you might consider selling your HDB and use the capital at hand to work on the purchase.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
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