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Evening,

With credit card debt, it would be dependent on your credit report and the individual bank's discretion on how much they can dish out to you. It would be prudent to have a banker to work on the principle of approval first. With this, you are able to know the Loan to Value figure which also determine how much cash you will need for deposit.
The current valuation of your unit is around $390k to $410k, with COV asking of $30k to $55k. With the CPF refund, from sales, plus $70k OA and the amount of cash you are willing to pump into your new unit, that would be another step to work on.
With all this figures, you can determine whether you need to sell first before purchase or you have to ability to purchase before selling.

Do feel free to contact me so that we can work things out.

Regards
Mike Lim
 96929209 
ERA Read More

Hi.

I'd suggest that you should clear your credit card debts as a first priority given that your credit rating will determine banks' willingness to lend you more money. With the exception of a default, it will take 2-3 yrs to clear any adverse record from your credit history though.

Having said that, if you were to contine with your plan, you can try to get an in-principle approval for a bank first to see if you are able to get the loan quantum you need before you proceed with the purchase.

This would give you and ur family the assurance you need without facing a situation in tha you had already sold your home and not being able to get a new one.

For your consideration.

Kind regards,
William Choo (朱文彬）
Senior Marketing Consultant, 
CEA Reg No: R044093D
Huttons Asia Pte Ltd (License no: L3008899K)
Mobile: 9721 8288 
Web site: www.facebook.com/PropertySGD Read More