Asked by BatokBoy
I bought a HDB resale flat for more than 10 years and no outstanding loan. Plan to buy a private condo, how much down payment is required and how much CPF saving could be used? Thx.
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2 Answers
Afternoon,
Since you have cleared your first mortgage loan, depending on your age, credit and income status, you should get a max of 80% loan. Of the 20%, 5% must be cash and remaining can be in CPF. As to how much CPF you can use, it would depend on your age and if you have used CPF for your first unit's mortgage.
If you have not used CPF for your first mortgage and have not hit retirement age, you can use all the monies within your CPF OA. If you have used CPF for your first mortgage loan, you are to keep aside the minimum sums before you can use the remaining for your second purchase.
Since I do not have the figures with me, you can either work it out on your own or contact me if you require further assistance.
Regards
Mike Lim
96929209
ERA Read More
Since you have cleared your first mortgage loan, depending on your age, credit and income status, you should get a max of 80% loan. Of the 20%, 5% must be cash and remaining can be in CPF. As to how much CPF you can use, it would depend on your age and if you have used CPF for your first unit's mortgage.
If you have not used CPF for your first mortgage and have not hit retirement age, you can use all the monies within your CPF OA. If you have used CPF for your first mortgage loan, you are to keep aside the minimum sums before you can use the remaining for your second purchase.
Since I do not have the figures with me, you can either work it out on your own or contact me if you require further assistance.
Regards
Mike Lim
96929209
ERA Read More
Hi BatokBoy,
Seems like my fellow agents had explained your query.
I will love to assist your in your property purchase!
If you want to know more about financing your next property, I can introduce some bankers to advise you on it.
Looking forward to hear from you soon!
Warmest Regards,
YT Tan
ECG Property
M: (+65) 9111 5171
E: yt.lovelyhomes@gmail.com Read More
Seems like my fellow agents had explained your query.
I will love to assist your in your property purchase!
If you want to know more about financing your next property, I can introduce some bankers to advise you on it.
Looking forward to hear from you soon!
Warmest Regards,
YT Tan
ECG Property
M: (+65) 9111 5171
E: yt.lovelyhomes@gmail.com Read More