Hi Benny,
If you intend to hold on to your HDB and buy the condo as your 2nd property, you would need to take up a 2nd bank loan for the condo. The maximum you can borrow for this 2nd bank loan is 50% of the resale or valuation price, if your age + loan tenure is less than 65 years.
If you intend to sell your HDB, you would be able to clear off the 1st bank loan with part of the proceeds from the sale. You can then buy a condo with 80% bank loan, cos that would still be considered your 1st bank loan.
As for other costs, you need to consider the Buyer's Stamp Duty (about 3%) and the Additional Buyer's Stamp Duty (7 or 10% depending whether you are SG citizen or PR).
Feel free to contact me at
81861036
for a no-obligations chat. Would be happy to give professional advice based on your needs and requirements and help with the financial calculations before you decide which route you wish to take.
Thank you!
Michelle Lim
ERA Realty Network Pte Ltd
81861036
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