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Home Buying

Asked by Anonymous 2 Feb 2012

I currently hv a 800k HDB property with 200k loan outstanding. Is it plausible to sell it, buy a smaller unit, pay up in full and use balance for downpayment on a condo?

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Mike Lim · Answer 1 · 2012-02-03T12:05:26+08:00

Mike Lim

Replied 3 Feb 2012

Afternoon,

Upon selling your unit, your sales proceed would be equal to the selling price - outstanding loan - CPF utilized - accrued interest. To purchase a smaller unit and have it paid fully is definitely possible, depending on where are you looking into. However, you are required to fulfill the MOP of 5 years before you can even consider buying private property.

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Mike Lim
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