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I own a 5 room HDB Property already fully paid off, now planning to buy a condo at clementi side for around 1.3M, but now i dont have any plans to sell the existing one - so for the down payment i have 65% sufficient cash and CPF together but for the balance of down payment can we go for bank loans or how kindly advice
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2 Answers

Mike Lim
Replied
Afternoon Angel,

Have you fulfilled the MOP for your HDB unit?
If the answer is Yes and you have around 65% of $1.3 mil at hand, you are eligible to purchase private property, without selling your current HDB unit. However, the following issues are to be noted:
If you are PR, you will be eligible for 3% ABSD as this would be your second property
Depending on your age and income status, you must be able to obtain 35% loan, as you already have 65%.
Lastly, if you HDB unit have utilised CPF as mode of payment for your mortgage loan, you are required to maintain a CPF minimum sum of $71k.

FYI
Mike Lim
 96929209 
ERA Read More
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Wee-Ling Chew
Replied
Hi, if you have fulfilled your MOP and subject to credit underwriting, you can buy the condo and take out a loan for up to 60% of purchase price. Let me refer you to a good mortgage banker for an IPA.

Cheers,
Wee-Ling
 9851-5470 
weeling.chew@gmail.com
SLP Realty Read More
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