2 Answers

YT Tan (陈永达)
Hi Raja,

Are you purchasing with a Singaporean or SPR? If SPR, do take note that both of you must be SPR for at least 3 years to be eligible to purchase a resale HDB because single SPR not eligible to purchase.

As long as you are employed/ self employed, bank will assess how much loan will you be eligible for (max 75%).

Downpayment will therefore be:

1) 20% CPF/ cash downpayment
2) 5% cash downpayment

Yes you are eligible to utilise CPF OA funds to pay for most of the downpayment and stamp duties but you have to fork out at least 5% cash.

Hope my sharing aids in clearing your doubts.

May I know how can I value add further in your property needs?

"Your Freehold Ally, Leasehold Tactician"

YT TAN 陈永达 | ACCA Graduate, RES
R043025D
Propnex Realty Pte Ltd

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Ling CK
Hi Raja,

Yes, CPF OA can be used to pay downpayment and stamp duty (BSD & ABSD).
Even though you have existing loan, that does not prevent you from taking loan if you had promptly pay the minimu sum. It is the amount of loan that is affected.

Since you are SPR, you have to take note of the following:
1) Your SPR status has to be at or more than 3 years.
2) You cannot buy a resale flat alone, you have to be jointly apply with another family member; spouse or children. Their SPR status also need to satisfy the 3 yrs period.
3) You can only take bank loan.
4) For bank loan, you may only loan up to minimum 5% cash, 20% cash and/or CPF
5) You have to prepare sufficient cash for stamp duty, which can be reimbursed to you later if you have sufficient amount under your CPF OA.

Hope the above answer to your main concerns, but if there are more queries, do not hesitate and 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

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