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I'm selling my flat in tampines and buying a flat in jurong.
My current home is on HDB loan.
For my Jurong flat, I'll be taking Bank Loan.

I understand that from the sales proceeds, only 50% I will get.
The other 50% will be paid for the next house I purchase.

Can I pay the COV for the next house using the 50% sales proceeds that I do not get?
Or will I have to pay the COV using my 50% of the sales proceeds?
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2 Answers

Mike Lim
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Morning Naz,

As you have intention to use bank loan for the upcoming purchase, you are eligible to keep your profit. You only need to pay 5% cash of the valuation price, plus the COV.
However, if you do intention use part of your profit, it can be used to offset the 5% cash and COV, if you 50% profit is sufficient.

Do feel free to contact me if you require further assistance.

Regards
Mike Lim
 96929209 
ERA Read More
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