Hi Alexis,
I will recommend you to speak to a banker first to advise you on the approval in principle (potential loan amount you can take)
As you are a co-owner of your current HDB flat with your parents, if you still have outstanding housing loan. You are only eligible to take up to 60% loan if loan tenure does not exceed the retirement age of 65 years old. If exceeds, it will be 40%.
If no outstanding, it will be up to 80%. If loan tenure exceeds 65 years old, it will be 60%.
Bear in mind that you have to leave a minimum sum in CPF account if you utilised CPF before in your current HDB then you can use the rest in next purchase.
If not taking in account of CPF and taking in consideration of $140k excluding buyer's stamp duty, legal fees etc, you might be able to afford a $700k condo.
Hope it helps!
Warmest Regards,
YT TAN
District Manager
R043025D
(M):
9111 5171
(E): yt.lovelyhomes@gmail.com
(W1): www.yttan.com
(W2): yttan.stproperty.com.sg/
ECG Property Pte Ltd
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