AskGuru Q&A Community

Hi Kent,

No you don't have to. That ruling only applies if you are taking a 2nd HDB loan.

Do contact me if you need further clarifications.

Angela Chua
 9323 3330 
R00770C Read More

Hi Kent,

You do not need to utilise the 50% of your proceeds for the purchase if you are using bank loan in your instance. Do you need any further assistance?

Regards,

Geryl LIM
District Manager/Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565 
ECG Property Pte Ltd (L3009759F)
Dynamic Alliance Group @ www.DAG.com.sg Read More

Kent you do not need to use 50% of your cash proceeds to put into your new purchase. However an upgrade from a 3 room flat to an EA requires planning, and detailed understanding of your financial plan.

Before you take any action, please speak with a qualified professional with a representative from a bank of your preference before making any decision.

Many have pounced when they should have waited, be the latter not the former.

Making dreams come true, one home at a time,

Yian Tay
ERA Realty Network Pte Ltd
Mobile: 82884499 
Email: yiantay.era@gmail.com
CEA Regn - R027190C Read More

Evening Kent,

The answer is clear. Since you are taking bank loan for your purchase, you are not required to utilized 50% of your cash profit. The only cash component required is 5% cash for 80% loan, if you have enough CPF for 15%, COV, legal and stamp fee if your CPF OA have insufficient funds.

FYI
Mike Lim
 96929209 
ERA Read More

Hi Kent

For bank loan, 50% of cash proceeds to purchase your next home is not required.

If you are taking a 2nd HDB loan, then the 50% rule applies

Cheers!
Andrew Ho
C:ERA Realty Pte Ltd
M:92380058
E:ho.andrew@me.com
R:R047219D Read More