Asked by KM Goh
I am now living in my fully-paid up 5-room HDB flat(high floor)in SengKang. I would like to buy a free-hold 2 room or 2+1 room condo preferably in the east with a budget of not more than 600K. I am 40 years old, loan-free and our monthly income level (together with my wife) is $9000. My questions as follows:
1) Can I rent out my HDB flat and live in the new condo?
2) How much rental can my seng kang flat fetch per month?
3)Do I need to fulfil the minimum sum in the CPF before I can utilise CPF funds to buy a second property (condo) while keeping my HDB flat? In other words, do I need to set aside $106k and use whatever amount remaining fopr the downpayment?
4) What is the loan size that I can borrow considering my age and income level? What is the estimated monthly instalments?
5)Can I use my CPF to pay for the monthly mortgage instalments? Any conditions that I need to satisfy before CPF can be used for monthly instalments for second property?
Thanks.
1) Can I rent out my HDB flat and live in the new condo?
2) How much rental can my seng kang flat fetch per month?
3)Do I need to fulfil the minimum sum in the CPF before I can utilise CPF funds to buy a second property (condo) while keeping my HDB flat? In other words, do I need to set aside $106k and use whatever amount remaining fopr the downpayment?
4) What is the loan size that I can borrow considering my age and income level? What is the estimated monthly instalments?
5)Can I use my CPF to pay for the monthly mortgage instalments? Any conditions that I need to satisfy before CPF can be used for monthly instalments for second property?
Thanks.
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