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.
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Thinking of upgrading required proper planning as timeline is very important because of you planning to use your current house fund to pay for your next purchase.
Currently we had many EC which don't require you to pay any resales levy.
How about i suggest that you providing me your contact details so i can
1. advise and assist you to plan your financial for next purchase
2. get you a mobile banker to help assist you on your loan calculation for your next purchase
3. provide more details on the current EC available
Hope to hear from you soon.
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