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Hi,

In this scenario, if you are a citizen, and have met your MOP, you will be eligible to purchase a 2nd residential property in the form of a condo. Since your HDB is fully paid, you can take a max bank loan of 80%. But you will be subject to 7% ABSD and as you are aware, you have to set aside 1/2 of minimum sum of 77.5K before you can use excess CPF monies for 2nd housing (if you are 55 and below).

In this case, I presume you will be renting out your HDB. If I were you, in my humble opinion, I will need my rental for my HDB unit to cover the mortgage installments for my condo, up to an extent where my cash outlay (for monthly installments) is comfortable (perhaps a few hundred dollars, subject to each owner's financial planning).

Also do take note for your 2nd property, breakdown as follows:
20% cash (since no excess CPF monies for use in your case)
10% stamp duties (ABSD + BSD) & legal fees
80% bank loan

May I know what is a comfortable range for your downpayment of approximately 30% of purchase price? From there, I can do the financial calculations for you and propose the kind of private properties available for your reference. Thanks and hope to have the opportunity to work with you.

Warm regards,
Ivan ERA
 97432395 
ivanng10@gmail.com
www.ivanng10.com Read More

Hi, the loan repayment can be done via cash or CPF. Minimum sum scheme kicks in from age of 55. What is you plan for your hdb after moved in to condo? If you intend to rent out hdb, then the rental can use to serve the installment. I can assist to do a projection of the cash flow to allow you to visualize your finance. Please contact myself via mobile or email.

CK Ang
 9046 3808 
res.ckang@gmail.com Read More