Right now I have 15k in my CPF. After I sold my HDB, monies will be transferred back to CPF. My question here is if I were to purchase a condo can I use the CPF to pay stamp duty first then balance for 20% as part of downpayment. Aware of 5% cash down.
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Are you referring to resale condo or under construction condo? Yes you can use CPF OA to pay for stamp duties if there are sufficient CPF OA monies, but for resale the timeline may be too tight and hence you need to use cash first for the stamp duties and reimburse through the CPF OA later.
Selling hdb and upgrading to condo concurrently is a complicated process and requires careful coordination. I have worked on similar cases and will be happy to share the best approach tailored to your requirements.
May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.
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It depends on whether you purchase a resale condo or a new launch condo. If it is a resale condo, you wont be able to use the CPF in your OA to pay for the stamp duty. You will need to pay in cash first and subsequently get the laywer to reimburse you back via your CPF.
If it is a new launch, then you will be able to use your CPF to pay the stamp duty as there is enough time to draw out your CPF.
Please feel free to contact me so that I can understand your situation better before I draw up the transition plan for you.
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The Stamp Duty payable can be paid by CPF after you exercise the Option To Purchase with regards to the purchase, however, if you HDB Option To Purchase has not been exercised by your buyer, then ABSD is applicable, therefore timing is critical.
For private resale purchase, you will be required to have the 5% cash as well as stamp duties applicable when you exercise the Option To Purchase. The balance of the payment including the 20% downpayment will need to be ready prior to completion.
I have been in the real estate business since 2009, with more than 10years of experience serving the Singapore real estate market.
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There is many thing we can do to make sure the money come back then we proceed with the purchase.
Sometimes we just need to explore further.
Most of my client won’t have this problem if u are able to plan it nicely to have a smooth transition.
Btw do have a look at my blog if u are looking for a resale condo.
It important to know what you are buying into many buyers has benefited from it to understand the pros and cons of it.
I am Gary Seah and I am the founder of Second Property Investors and has been writing since 2015 to share my insights in the Singapore property market. I have helped many people to strategize, plan & restructure their property portfolio and get the best profit from it. I have been the agent behind many lucrative upgrading case studies.
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I supposed you're concerned that the funds from the sale of your HDB flat is not in time to be in for the purchase of your next property?
If this is the case, you will need to plan your Timeline properly, to ensure that you have sufficient to pay when the payment is called. The Timeline will also depends on the property you're planning to purchase. Also, I suppose you would also want to avoid the hefty ABSD, as well as the hassle of having to shift house more than once?
I am experienced and well-versed in both private and HDB resale transactions. I have helped many of my clients upgrade from their HDB flats to a private residential with minimal fuss, and I will be happy to assist you too.
My area of focus is in Central/Queenstown/Bukit Merah/West region, and I am blessed to have transacted several "million-dollar" HDB flats over the past 1-2 years, with many others in the $900k+ range.
I will be able to assist you in your upgrading plans. Please get in touch with me for a more in-depth discussion.
Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305. I will be happy to assess and share with you the possibilities for you in the current market.
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