AskGuru Q&A Community

Hi,

Once you sold your hdb, your condo becomes your first property and yes you can utilize your CPF OA up till 120% of the property value (called the Withdrawal Limit) if you are 55 years and below. This can be used to service the monthly mortgage or for the downpayment. May I understand your plans and requirements further so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/#!reviews/c11r1
(Client's Testimonials) Read More

Afternoon,

Should you opt to sell your HDB first before getting the private property, you will be able to utilize all your CPF OA for the down payment, provided that you are not above the age of 55.
Once your HDB unit have being exercised, you can get maximum of 80% loan. 5% of the down payment must be made using cash while the balance 15% can be paid with your CPF monies.

Do feel free to contact me should you require additional assistance.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Hi upgrader,

Yes you can utilise all of your CPF (if you're not 55), for your BSD, legal fees, loan repayment, and 15% of the 20% downpayment, if you have enough funds.

Feel free to contact me at your convenience, and we can carry on from there.

Thanks and regards,
Teck Chuan, Ng
BBA (Finance), NUS
ERA Realty Network Pte Ltd
Mobile: 9137 4602  Read More

Good evening upgrader,

After you sell off your HDB, this condo purchase will be considered as your first property in Singapore thus you will be able to obtain max 80% bank loan.

Thus the 20% downpayment will be 5% cash and 15% CPF or cash.

If you are below 55 years old, you are able to utilise all your CPF OA funds for the payment of stamp duties, legal fees, reduction of bank loan etc.

For repayment of monthly mortgage, you can continue to use it as long as your overall CPF OA utilisation doesnt exceeds the limit.

But do take note that overall for the usage of CPF OA funds, you can utilise up to 120% (withdrawal limit a.k.a WL) of valuation limit. Valuation Limit (VL) is lower of valuation or purchase price at time of purchase.

Btw do take note that in order to continue using your CPF beyond VL, up to WL, you need to meet the following requirements:

1) Below 55 years old: To set aside the current Basic Retirement Sum (BRS) in your Special Account (SA), including the amount withdrawn for investment, and Ordinary Account (OA).

2) 55 years old and above: To meet the BRS in your Retirement Account (RA), SA (including the amount withdrawn for investment) and OA.

Hope my sharing is beneficial to your property purchase.

May I know how can I continue to value add in this purchase?

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
R043025D
Propnex Realty Pte Ltd

(M): +65 9111 5171 
(E): yt.tan91115171@gmail.com
(W):www.yttan.com Read More

Hi Sir/Mdm,

If you were to sell your HDB and purchase a condo, you may loan up to 80% of the valuation of the condo or the purchase price whichever is lower.

If both you and your partner is under 55, you can use all your CPF for 15% downpayment, 3% approx. stamp duty, conveyancing fees and also the monthly instalment of your mortgage loan.

You can choose to utilise all your CPF for the downpayment and get a lesser loan if you prefer.

Upgrading requires meticulous planning in terms of timeline and your finances. Please feel free to contact me so that I can understand your needs better and draft up a full financial plan for you.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nick-tan.com

Testimonial from Satisfied Clients (2015/2016)
“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick from Property Avenue has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations.
We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House)

“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefitted a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer of HDB)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer of HDB)

“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be successful in this line. I will surely recommend him to anyone who needs his service because I trust that they will be equally satisfied!!”

Mr and Mrs Chan (Sold and Bought a property through Nick) Read More

Hi,
If you are before 55 years old, you can utilized up to 95% of the valuation from your CPF to lighten the loan for the property.

To assist and advise you more in details, kindly drop me an email for me to share.

I am contactable at my mobile or email.

CK Ang
 9046 3808 
res.ckang@gmail.com Read More