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i am currently staying in hdb w my wife and we have bought this hdb for 3 years. now we are looking at to buy private condo, which is TOP in 2014 or 2015. questions
1. are we eligible to buy private properties at this point of time?
2. how can we pay the dwnpayment for private? CPF or cash?
3. if we buy the private property now, do we need to service the loan immediately?

Thanks.
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1 Answer

Jenna Tong
Replied
Hi Tan,

It will depends if you have completed the Minimum Occupancy Period (MOP) for your. If you have bought this unit, either direct from HDB, or resale with CPF Housing Grant then, you will need to occupy your flat for 5 years before you can purchase a private. Otherwise, once you have occupied it for 3 years, you can purchase a private condominium. The first 5% will have to be in cash, balance 15% in CPF or cash. Should you decide to use yoiur CPF to finance the monthly instalment for this unit, you will need to have a minimun of $58,500 in your CPF account for each CPF account.

For some development, you are not required to service the loan immediately. It depends on individual project. For some, they will give u a rebate should you decide to service your loan immediately.

Hope this info helps.

Warmest Regards,
Jenna Tong ERA
jenna.tong@yahoo.com.sg
 8298 3379  Read More
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