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Afternoon,

Upon the sales of your 5 room flat, there should be cash profit and CPF returns. Depending on the price of your purchase, you might well is financially equipped for one.

FYI
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Hi,

You will need to speak with a banker to ask them to do a credit assessment.

3 bedroom ECs are priced in excess of $700,000.

The financing for an EC is as follows:
5% cash for booking fee (@ time of purchase)
15% CPF upon exercising the option (approx. 9 weeks later)
80% loan (subject to credit approval from banks)

You will also need to pay stamp fees and legal fees.

Legal fees; $2,600
Stamp fees: 3% of purchase price minus $5400

If you are unable to get an 80% Bank Loan, you might need to come with more cash and CPF.

Also, as first timers, you may apply for the CPF Family Grant. Grant approval is subject to approval.

Let me know if you have more questions.

Regards,

William Tan
 9168-2548 
tan.williamwl@yahoo.com
www.roostingplace.com Read More

Hi Anonymous

Thanks your question.

It would be advisable to clear from the bank the loanable amount for your next flat.

Should you have cash proceeds from the 5 room flat's selling then it will comes in handy in reducing the loan for your new flat. =)

Should I can be of further assistance pls feel free to contact me.

Regards
Ally Chin
Associate Team Director
CEA No. R010439Z
Propnex Realty P/L
M: 81122213 
E: cwsally@yahoo.com Read More