2 Answers

YT Tan (陈永达)
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Hi John,

In order for you to be eligible for 20% downpayment rather than 40%, you must not have any outstanding housing loan which at the moment, you do have one for your HDB currently.

Even if you use the $60k in your CPF OA account and $60k cash on hand to clear your outstanding loan of $120k, you need to maintain a minimum sum in your CPF account before proceeding with another property purchase.

Yet to TOP 3BR unit may at least cost $650k and above (small unit). Even after you cleared the outstanding housing loan, you still need to fork out the 20% downpayment, where the banks wont lend you at all which means you have to fork out this amount by yourself.

Let's assume you cant maintain a minimum sum in your CPF account and no excess CPF funds, you have fork out this 20% in cash with addition to buyer's stamp duty (3 x purchase price) -$5,400 and legal fees. All these will add up to quite a sum.

I will suggest you work out your finances first before proceeding.

If you still need assistance, feel free to contact me. Cheers!

Warmest Regards,
YT TAN
District Consultant
R043025D
(M): 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W1): www.yttan.com
(W2): yttan.stproperty.com.sg/
ECG Property Pte Ltd Read More
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Tricia Tan
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Dear John, I would be glad to sit down with you to access all your concerns. First thing to be eligible for the 80% loan, you cannot have any hdb outstanding loan.
There are many finances you need to know before you go ahead to purchase your condo.
I will appreciate you can drop me a text or give me a call at 92700867 
Tricia Tan
ERA @ Senior Marketing Manager Read More
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