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Hi, I have an outstanding of 93K in my HDB EA loan, thinking of selling at 640K, to buy a 5 room HDB at 530K, thus to clear the 93K loan from HDB, rent out the 5 room HDB unit & buy a Condo at 750K, take the rental fee to top up the 80% Condo bank loan. Will this plan works? With your professional experience, can Gurus give me your comments please? Thanks alot.
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1 Answer

Mike Lim
Replied
Morning Benson,

FIrstly, how much was your purchase price and how much profit will you make from the sales.
Secondly, with current ruling, upon purchase of resale HDB, you are required to fulfill the 5 years MOP before you can purchase second property under your name.
Thridly, with the purchase of the condo, you need to consider about the 5% cash and 15% CPF. How much are the bank willing to lend you, based on your credit and income status, on top of your current age.
In a nutshell, it's good to have vision but not without detailed and calculated planning.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
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