Asked by Ms LIM
I plan to buy a re-sale HUDC. I do not own any property. I do not plan to take any loan but plan to use CPF to fund the purchase.
So if Purchase price of this resale HUDC say 900K and Valuation = 860k. How much must be funded by cash , how much can CPF be used ? Is it
(1) cash= (1+4%) of 950k = 45K
Bal totally can be 100% funded by CPF = 855k or
(2) cash has to be sum of
COV (900-860) = 40k
(1+4)% of 860k = 43k
Total funded by cash = 83k
CPF can only be used to fund
(900 - 40 - 43) = 817K
Remember I am looking at financing of a HUDC resale apt.
Tks
So if Purchase price of this resale HUDC say 900K and Valuation = 860k. How much must be funded by cash , how much can CPF be used ? Is it
(1) cash= (1+4%) of 950k = 45K
Bal totally can be 100% funded by CPF = 855k or
(2) cash has to be sum of
COV (900-860) = 40k
(1+4)% of 860k = 43k
Total funded by cash = 83k
CPF can only be used to fund
(900 - 40 - 43) = 817K
Remember I am looking at financing of a HUDC resale apt.
Tks
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