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I intend to sell my current private property, and buy a resale HDB flat. I hv a mortgage loan on the private property - serviced monthly thru' CPF monies. Understand I wd need to dispose off the private within 6 mths. Pending receipt of sale proceeds, wd the bank lend me a loan quantum of 80% or 60% considering I still hv a outstanding loan for the private? Assuming the HDB flat cost SGD650k including COV of SGD50k, how much wd i need to pay in cash ? Pls advise, thks
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1 Answer

Ander Ang
Replied
Hi Joey,

As long as you have an outstanding mortgage loan at the point of loan application for resale HDB flat, you are only allowed to loan max 60%.

To qualify for 80% loan, you need to sell your private property first. Of course doing that will require you to find temporary accomodation.

For $650k resale HDB flat inclusive of $50k COV, the cash portion:

1)$50k COV
2)20% CPF or cash = $120k
3)Stamp duty in cash or cpf = $14.1k

Thanks,
Ander ERA
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