Hi,
1) Affirmative. You and your spouse must already hold SPR for a minimum of 3 years before being eligible to buy a resale HDB flat.
2) You are not eligible to buy BTO/SBF and new EC from a developer.
3) You can only loan from a bank and the minimum down payment is 25%, of which 5% must be in cash, and 20% can be CPF and/or cash.
4) Maximum loan you can get from the bank is 75% LTV. Meaning that you have to fork out cash for any COV in the purchase. The bank only recognizes the valuation value from the HDB. And the loan amount is based on the valuation value.
5) Both of you are not supposed to own any private property local and overseas in any mode. Meaning you have to transfer the interest of the property or sell the property away.
6) You have a maximum period of 6 months to sell any private property owned upon key collection of your purchase.
7) You may buy the HDB now if you satisfy (1), and you will need to sign an undertaking from the HDB on completion day to dispose of your private property.
8) This MOP is applicable to all HDB buyers, so you are not alone to adhere to this ruling.
Hope the above answer your main concerns, but if there are more query, please feel free to contact me at
90110636 , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636 ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer
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