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I have an existing private property under name with my parents. And there is an outstanding bank loan.

What are the procedures to dispose private property so that I can purchase resale hdb? What will be the cost involved?

If I am looking to purchase 2nd private property without disposing my existing private property, what will be the maximum loan and tenure that I can get?
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1 Answer

Mike Lim
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Morning Xuan,

For the procedures to purchase resale HDB unit, it would depend on your financial condition. Do you need the sales proceed to facilitate the purchase or are you looking at bridging loan or maybe pay fully by CPF and cash?

As for purchase of second property, maximum loan would be based on your age, income status and credit record. Based on the new MAS ruling, if your loan period is more than 35 years or exceeding age of 65, you can get max of 40%.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
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