Asked by Rachelle Tan
I'm very interested in some old flats around Tiong Bahru area. Many of them have remaining leases of less than 60 years. I read from the CPF website that there are limitations to CPF withdrawal for such old flats. When it says that I can only withdraw up to 66% of valuation, what does it actually mean?
For example, if the flat's valuation is $260,000 & the asking price is $300,000 and I can only withdraw 66% of $260,000 which is $171,600. Does it mean that I'll have to come up with $40,000 (COV) + $88,400 for the purchase upfront? And I can only take a loan for the remaining amount ($171,600) which can be payable using my CPF?
Thanks for reading my long query and I look forward to the guru's advice on this matter.
For example, if the flat's valuation is $260,000 & the asking price is $300,000 and I can only withdraw 66% of $260,000 which is $171,600. Does it mean that I'll have to come up with $40,000 (COV) + $88,400 for the purchase upfront? And I can only take a loan for the remaining amount ($171,600) which can be payable using my CPF?
Thanks for reading my long query and I look forward to the guru's advice on this matter.
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