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Hi, we are interested to upgrade to condominium from our HDB flat.May I know what is the payment procedures now with the recent cooling measures. Does it affect 1st time condo buyer like us? Supposedly we are looking at buying $880K condo at the east side, how much do we need to fork out in cash (for downpayment & stamp duty. We still have an outstanding HDB loan of approx $60K. Thanks for your advice. Jenny
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1 Answer

Geryl Lim
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Hi Jenny,

General regulation is that you are only eligible for up to 60% loan to valuation since you have an outstanding housing loan, of which 10% is made payable by cash and remainder 30% in either CPF and/or cash.

Stamp duty calculation based on purchase price you have quoted is $5400 (for first $360,000 of purchase price) and $15,600 (for balance $520,000). If you are taking up a bank loan, you may wish to check if the bank is able to provide any subsidy.

Do you intend to purchase a brand new unit or resale unit as timing is critical in terms of buying a resale condo and selling your HDB due to the different timeline required for completion.

You may wish to contact me through my email or mobile for further discussion with no obligations.

Wishing you a prosperous lunar new year ahead!

Regards,
Geryl LIM
CEA Reg No R014783H
Mobile: +65-81577565 
Email: lim.geryl@yahoo.com.sg Read More
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