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I wanted to upgrade to a resale EC, but I don't have the 5% cash. But I do have a 5rm flat to sell. So I want to use the sale proceed to help finance the 5%. Is this possible? Should I sell my house first? Or both buying and selling be done at the same time? Please advise dear Gurus. Cheers!
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1 Answer

Mike Lim
Replied
Morning Shah,

To purchase the resale EC with 80% loan, you must have the OTP for the sales of your current unit.
Without it, bank would most likely only grant you 60% loan, hence minimum of 10% cash. You will have to do it concurrently, if you are looking at getting a 80% loan.

FYI
Mike Lim
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