AskGuru Q&A Community

Get answers from PropertyGuru experts in 24 hours

Asked by
I am currently staying in HDB with outstanding loans. I intend to purchase a condo TOP in 2015. Would that mean if I want to take up 80% loan, I need to sell my HDB now and become homeless? Or can i hold on to my HDB until TOP?
0 •
518 views
Upvote Upvoted
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

2 Answers

Ken Tan
Replied
Hi Dreamscape,

With loans for your current HDB outstanding, you are only eligible for 60% loan. An alternative would be to rent a place while waiting for the TOP project to complete. You eligibility is determined when the LO is produced. In other words, you care not eligible for 80% if you hold your HDB till TOP with outstanding loans.

Ken Tan
 96461490 
Huttons

more info, go to www.96461490.com Read More
0
Upvote Upvoted
Mike Lim
Replied
Evening,

With current outstanding loan, bank will only loan you a maximum of 60%, hence you need to pay 10% by cash and 30% by CPF / Cash / CPF + Cash.
Hence if you want to get 80% loan for your second property, as of now, and keeping your HDB flat, it's not possible.

FYI
Mike Lim
 96929209 
ERA Read More
0
Upvote Upvoted

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Ask Your Question
Previously Asked Questions