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Hi there, currently my parents is staying in tampines 4 room flat. They have been staying there for 12 years. Both of them do not have any CPF savings and currently have to pay cash monthly $1000 a month to HDB. The amount left to pay for the house is around $90K.Now they are struggling to pay the house. Both age are above 55 years old. Should they downgrade to 3 room ? And how much loss would they incur?
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1 Answer

Mike Lim
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Afternoon Mr. Ahmad,

There are a few questions which need to be worked on:

1) Since your parents have reached retirement age, upon selling the current unit, how much are they required to set aside, in their CPF, before they are allowed to use the balance?
2) Which estate are they looking at? This will allow us to work out on their financial status and try to purchase a unit which does not require your parents to take any loan.
3) You were talking about possible loss. As they have bought the unit around 12 years ago, is there any current outstanding arrears that have not being settled?

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
CEA Reg No: R026708F
Email add: m52i@yahoo.com
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