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I stay in a resales HDB 5 rooms for 10 years, i believe it already meets the MOP. I am interested to buy a condos to stay and keep my HDB flat for my parents to stay. There are still some outstanding loan for my HDB flat, am I allow to buy a condo if i have not clear the HDB loan (about 100K)? What will be the min cash value for a 850K condo? Can I use part of my CPF to pay for the monthly loan for the condos as my current loan only use less than 50% of the cpf max cap for housing ? I have about 100K in my cpf, can I use this fund for the condo ? Thank you.
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1 Answer

Mike Lim
Replied
Afternoon Mr. Lai,

Firstly, you have fulfilled the required MOP period and thus eligible for purchase of second property yet keeping both of it.
Secondly, to calculate how much cash do you need with an existing loan, you will need to check on how much you have after setting aside the CPF minimum sums. You will also be required to check on how much the bank can disperse to you for the upcoming purchase.
Lastly, once all this are cleared, you are eligible to use the remaining of your CPF monthly contribution to settle part of the the mortgage loan for the upcoming purchase.

FYI
Mike Lim
 96929209 
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