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Hi,
I'm currently having a HDB flat which was bought 4years ago before 30 aug 2010. Am I able to purchase another private condo, jointly owned with my mother? If the answer is yes, can I service half from my cpf and the balance in cash? If no, can I use my cpf and cash to service the bank loan if I'm not an owner but my mum is? Tks
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2 Answers

Geryl Lim
Replied
Hi June,

Was your HDB bought in the open market with any housing grant? You are only eligible to buy private property after meeting the MOP for your HDB.

As for servicing of the housing loan for your upcoming purchase, check the arrangements with the bankers to better qualify the situation.

Regards,
Geryl LIM
Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565 
Email: lim.geryl@yahoo.com.sg Read More
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  • SJ
    Replied
    Hi Geryl, thanks for your prompt response. Yes, it's bought in the open market with no housing grant. I have stayed more than 3 years in that flat. So can you kindly cfm if I'm allowed to maintain this hdb n at the same time buy another private condo? Tks
Mike Lim
Replied
Afternoon June,

Did you take HDB housing grant and loan, for the current unit? If yes, your MOP would be 5 years. If no, you should already be eligible to purchase your second property.
As for the purchase of second property, do note that bank will only lend you 60%, if you have an exisiting mortgage loan. 10 % much be in cash. For the monthly repayment mode, it's totally your choice, be it fully cash / CPF / CPF + cash.

FYI
Mike Lim
 96929209 
ERA Read More
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