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I m a divorcee of age 45, own a 4room HDB flat at Bukit Merah. I have a balance outstanding loan of around $15k, I intend to clear the outstanding loan and purchase a new condo together with my fiancee, can i rent out the whole hdb flat after the purchase? Does hdb allow?
she is 38 yrs now, CPF - $105,000/-, combine cash $40,000/-. Our combine income is only $6000. We intend to use the rental income to pay parts of the installments for the new purchase (estimated price at $700,000/-) is it too risky to do so ??
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1 Answer

Morning Daniel,

I would assume that you are SC but have you fulfilled your MOP? By clearing your outstanding loan, it will allow bank to work on 80% loan for the upcoming purchase with your fiancee. If you have fulfilled the first two requirements stated at the start of my response, you are eligible to purchase your second property and stay in your private property. If you are getting a mortgage of $500k, over period of 20 years, your monthly installment is around $2.5k per month, which means you are require to top-up around $1.1k per month. You know your expenses better.

Do feel free to contact me if you require further assistance.

Regards
Mike Lim
 96929209 
ERA Read More
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