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Morning Anon,

Based on your figures, upon selling your HDB unit, you should $400k worth of CPF and cash in hand, after clearing the legal fee, agent's commission, town council payment, etc.

In order to get 80% loan, your loan period should not exceed 23 years. If you are SC, you need to set aside $30k for stamp and legal fee, hence you will need around $540k, provided you are using all your available CPF and fundings from the sales of your HDB unit.

Assuming that both of you are earning less than $5k each, your monthly CPF contribution is around $1900. Monthly installment for $540k for 23 years, based on 1.5% interest, you need to top up around $510 per month. Since this property will be your first count, after selling your HDB unit, you are not required to maintain the CPF minimum.

Do feel free to contact me for detail discussion.

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

Hi Anon,

Based on your info, i would think after selling your HDB flat, the combined CPF OA balance (you and spouse) will be quite healthy.

You probably do not need to loan the max 80% for the condo purchase. However, i need the exact balance of the CPF OA in order to know how much you need to borrow.

Since the condo will be your only property after selling off the HDB flat, you need not keep a minimum sum CPF balance, meaning you can utilise all the CPF OA money.

Based on your combined income, should be quite ok to afford a 1mil condo after selling off your HDB. However, it is advisable to do an in-principle approval from bank to get your loan quantum amount. I can assist you with this.

I would be glad to offer my service in the sale and purchase transactions. Appreciate you can call me at 98628691  to discuss.

Thanks.
Ander Ang
DTZ Read More