Asked by CK Tan
Hi
My wife and I own a 5Rm flat in Bt Panjang which similar units in our cluster is selling at 360-380k in the last couple of months and the outstanding loan on our flat is around 90k. We are considering getting a relatively new (<3 yrs) 3 bedroom condo in bt panjang/bt batok/hillview area if pte property prices drop further in the next few months. Our budget is around 600k.
We intend to pay 250k upfront and get a 20 yr bank loan for the bal but would need to sell our flat first to finance the new condo. Would like to know
1. Will we have issue getting the bank loan? We are 36 yrs old with a combined income of 7.3k per month and a 600+ car loan.
2. How best to coordinate the sale and purchase such that we will have money to pay for the new condo and able to move to the new condo after handing over our current flat?
My wife and I own a 5Rm flat in Bt Panjang which similar units in our cluster is selling at 360-380k in the last couple of months and the outstanding loan on our flat is around 90k. We are considering getting a relatively new (<3 yrs) 3 bedroom condo in bt panjang/bt batok/hillview area if pte property prices drop further in the next few months. Our budget is around 600k.
We intend to pay 250k upfront and get a 20 yr bank loan for the bal but would need to sell our flat first to finance the new condo. Would like to know
1. Will we have issue getting the bank loan? We are 36 yrs old with a combined income of 7.3k per month and a 600+ car loan.
2. How best to coordinate the sale and purchase such that we will have money to pay for the new condo and able to move to the new condo after handing over our current flat?
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