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Hi, I want to upgrade from HDB 4-room corner at Bishan near J8 to condo (near central) without cash involved as one of my friend did it. He said that he used the 20% downpayment from the sales profit of his HDB flat and the rest bank loan.Actually the bank loaned him 100% and took 20% from his profit through the sells of his condo unit. Is that true? if yes, I'm interested to buy a condo unit too. I and my wife combined income is ard S$10K/monthly. Bought flat for S$310K. Selling at my area ard S$450-500K. Installment by CPF approx. S$1,6K. Balance of installment top up by cash. The rules changed, but if it's still really possible w/o cash involved. Thanks
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4 Answers

Mike Lim
Replied
Morning Don,

According to your friend's case, his speech of no cash involved actually meant that he uses the profit from the sales of his condo to pay off the "Cash" component.
As for the "100% loan", it will be good to double check with your friend again. Some bank does loan you more, when you have high amount of investment or fixed deposit, with the same bank.
I have handled case where my buyer's combined income is less than $4k, but managed to get $450k loan, as they have a fixed deposit account, within the same bank.
As the the micro details, do feel free to contact me for further assistance.

Regards
Mike Lim
 96929209 
ERA Read More
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  • DP
    Replied
    Reply from Don - Jun 10, 2011
    Hi, please let me know how you did w/o cash involved. I only would then be interested in your offer. Of course agent fee is paid by cash. Important: I want to buy the condo first with 100% bank loan and sell the HDB within the 6 month period. The profit will pay the bank the 20%. Looking for Freehold, 4-room. Central area. If any solution with condo recommendation. You can contact me by email first at dpfaff65@yahoo.com Thanks Don
Tricia Tan
Replied
Hi Don, you should need some breakdown on the financial details first before u commit to selling your place.
As the new rules have applied, there will be more cash involved though.
Perhaps you can email me and I can advise u on the financial plan first before u want to sell your house.
Tricia Tan
 92700867 
trish.tt27@gmail.com Read More
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  • DP
    Replied
    Reply from Don - Jun 10, 2011
    Hi, please let me know how you did w/o cash involved. I only would then be interested in your offer. Of course agent fee is paid by cash. Important: I want to buy the condo first with 100% bank loan and sell the HDB within the 6 month period. The profit will pay the bank the 20%. Looking for Freehold, 4-room. Central area. If any solution with condo recommendation. You can contact me by email first at dpfaff65@yahoo.com Thanks Don
J.A. Goh 吴永益
Replied
Hi Don,

Cash would definitely be needed when you buy a private condo. If you sold your HDB, max. bank loan is only at 80%, with first 5% + Stamp Duty for the condo in Cash, and 15% using CPF.

I have sold several Bishan HDB since last year and selling your HDB is no problem, but would advise you work out your financial first and check if the 5% cash downpayment is no problem for you.

Alternatively, you must also have another place to stay temporarily after you sold your HDB, as I believe you might need to use the sale proceed to pay for the downpayment of the new condo and the 15% from CPF.

Please feel free to drop me an email or call me directly for further discussion.

Thank you & Best Regards
J.A.Goh
HP: 9639 0350 
ERA Senior Marketing Director
CEA Reg No. R025894Z
www.gohjaERA.myweb.sg
Email: gohja@singnet.com.sg Read More
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  • DP
    Replied
    Reply from Don - Jun 10, 2011
    Hi, please let me know how you did w/o cash involved. I only would then be interested in your offer. Of course agent fee is paid by cash. Important: I want to buy the condo first with 100% bank loan and sell the HDB within the 6 month period. The profit will pay the bank the 20%. Looking for Freehold, 4-room. Central area. If any solution with condo recommendation. You can contact me by email first at dpfaff65@yahoo.com Thanks Don
Landon Chew
Replied
Hi, hopefully you managed to get your doubt or query answered. If so, then congrats! Hopefully you are doing well now.

If you are currently or planning to find a property agent, I can assist.

If you are interested in prices of houses in your neighbourhood, you may visit this website to find out more or contact me.

https://www.era.com.sg/R064892F

If you are currently planning to go on a property journey selling/buying/renting/investing, I can be of assistance. Do feel free to reach out to me for more queries and assistance.

Landon Chew
97 39 60 40
landonchew@email.com Read More
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