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Morning,

If you are SC and have fulfilled your MOP, you are eligible to keep the HDB and purchase your second property. However, as you still have outstanding mortgage, bank will only be able to offer you max of 50% loan. 25% have to be cash and balance 25% can be CPF + cash, provided you have set aside your CPF minimum sum of $74k. You will also be liable for 7% ABSD and the standard stamp duty.

Do feel free to contact me for further discussion.

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

Dear blue_moon,

I understand you will be selling your flat first before buyer the condo, and I assume that you are a local.

For easy calculation, let assume the condo you want to buy is $1million. And these calculation is based on after you had sold your existing HDB and had no others existing housing loan or others private properties.
1) 20% Downpayment = $200,000
(15% or $150,000 can be in CPF, balance 5% or $50,000 in cash)

2) Stamp duty = $24,600
(payable in CPF)

3) Legal fees = approx $3,000
(payable in CPF)

Initial deposit you pay is 1% of purchase price, follow by 4% when exercise the option. Stamp duty to be paid within 10 days upon exercising of option. Balance to be paid during completion.

If you are selling and buying at the same time, you may want to consider bridging loan from bank.

Hope that I had answered your question.

Feel free to contact me if you need a salesperson to assist you.

Thanks and Regards
Johnny Goh
R018297H
Team Associate Director
OrangeTee.com Pte Ltd
Mobile: 90906267 
Email: johnny.goh@orangetee.com Read More