Hi Mr. Jeff,
Sure you can use your HDB to finance your condo.
For your HDB sale, the proceeds have to pay down the outstanding loan, return your CPF utilized and accrued interest and other legal, admin and commission costs. Balance will be your cash proceeds.
For the $1.2mil condo, downpayment will be 20% (cash 5%, CPF 15%), provided you can get maximum 80% bank loan. Theres also buyer stamp duties of about 3% and abt 3k legal fees.
If you are buying condo 1st before selling HDB, you will incur 7% ABSD if you are a citizen. But as long as you sell your HDB within 6 months, you can request reimbursement of 7% ABSD if you are citizen household.
May I understand your housing requirements further so I can share with you the ideal approach for this scenario? Would be glad to value-add with a detailed financial calculation analysis and share with you the best way to minimize your risks. Thanks and hope to speak to you soon!
Warm regards,
Ivan ERA
97432395
Ivanng10@gmail.com
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