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I have fully paid off my first condo and I would like to buy a 2nd condo at $900K. Assuming that I can borrow up to 80% bank loan, I would need to pay upfront $180K (being 20% of purchase price). Assuming I have $80K in my CPF OA account, can I pay partially by my CPF for this 20% (i.e. use $80K CPF + $100k cash)? If yes, can I use all of my OA CPF? If no, how much can I use or how much CPF must I leave behind in CPF? What other (upfront) expenses do I need to incur as a buyer, and how much will is the estimate? Thanks for advice.
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1 Answer

Mike Lim
Replied
Afternoon,

Your current property is fully paid, hence you will most likely be able to get 80% loan for your upcoming property.
The 20% should comprises of minimum 5% cash and the remaining 15% can be either cash + CPF, cash or CPF only.
Other expenses incurred would be stamp fee, ceveat and commission, if you are engaging an agent to act for you.

FYI
Mike Lim
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  • ML
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    Thanks mike. For the CPF component, can I utilise all my CPF or do i need to set a side an amount in my CPF account? E.g. I have only $80K in my CPF and i want to use up all $80K towards paying for the $180K?

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