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I have a exexcutive apartment worth 650k with 300k outstanding loan. We plan to buy an ec. Combined income is about 7.1k. Resale levy should be about 30k. We are about 33 years old. Up to what value of ec can we buy and what is the payment and schedules ? We intend to sell our hdb to fund the puchase. anything else to note ? Thanks.
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1 Answer

Ivan Ng
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Hi,

Firstly have you met MOP of 5 years? If so, you will be eligible to purchase EC. Which EC are you considering?
Some ECs still fall under the No Resale Levy policy, is yours the same?

Based on your info given and assuming you have no other debt obligations, initial rough estimates wil be you should qualify for a 425K bank loan for 30 years.
It is likely you have to consider the EC Deferred Payment Scheme since you need the HDB sale proceeds to fund the purchase. However, you must have the 20% downpayment (cash + cpf) and 3% stamp duties ready within 8-9 weeks of booking of EC, this cannot be avoided.

To get the final loan figure, it is best to speak to my banker who can assess based on all rounded criteria.

Theres a lot of details in this process, may I speak to you to understand your requirements further before value-adding further? Thanks.

Warm regards,
Ivan ERA
 97432395 
Ivanng10@gmail.com
Www.ivanng10.com Read More
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