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Hi
I understand the reason you are asking is due to CPF usage and HDB loan requirements that the flat must last a person till 95 years old or CPF valuation limit or HDB LTV rate will be prorated. Firstly, this rule does not affect all buyers. To explain further, we will need to have a chat on this as it is quite exhaustive explaining the various scenario at this platform. Secondly, even if you are affected by this rule, from my calculation there is no problem purchasing a HDB which lease starts from 1968 onwards. I may be wrong but through my knowledge, the oldest HDB lease start date is around 1967 onwards. This is because when HDB takes over the old flats from its predecessor SIT, it has restart back the lease to 0. That is why in some estates, the lease starts date is much later than the building completion date. You may check each block lease start date at HDB infoweb. I am specialised in HDB transactions. Do contact me at 93375051  for a free and non obligatory discussion on this.
Regards
Taufik Hussein
CEA Reg No: R061607B
Contact No: 93375051 
ERA Realty Network Pte Ltd Read More

Hi,

1) Based on the given info using the CPF calculator on the percentage of CPF you may utilize for this flat at your age is 84%.
You may try it out yourself as I only can do an estimation:
https://www.cpf.gov.sg/member/tools-and-services/calculators/cpf-housing-usage

2) What does this mean to you? It means that for example if you bought this flat for $400k, you can utilize CPF up to $336k.
3) If you are using an HDB loan at an interest rate of 2.6%, and a loan for 15yrs. Your total amount needed to pay is $436k with interest.
4) After deducting the minimum 10% down payment, your monthly payment is $2,417.
5) By the end of 2033, which is 12 yrs from now you should be around 61 yrs old. Your following 3 yrs of the monthly payment will need to be in cash only.
6) Meaning that even though you might have funds in your CPF OA, you are not allowed to use any of them to service your monthly mortgage.
7) My suggestion is not to put yourself in such a difficult situation.

Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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